Seagate: Hard-drive industry won't recover for another year

Flooding in Thailand has wreaked havoc on the hard- drive industry and sent prices through the roof. Things are bound to go back to normal eventually, though, right?

Perhaps, but if Seagate CEO Stephen Luczo is right, don't hold your breath. Speaking to Bloomberg, Luczo labeled as "nonsense" estimates that drive production will return to "pre-flood levels" by next summer. He added:

“This is going to take a lot longer than people are assuming, until the end of 2012 at least,” he says. “And by then, demand will have gone up.”

Yikes. We were already expecting things to get worse before they got better, but the prospect of another year (or more) of inflated prices sounds pretty rough. I guess the days of sub-$100 2TB hard drives are gone for the foreseeable future.

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