European steelmakers warn of tough times ahead
European steelmakers said Monday they are facing a difficult market climate as demand dries up and rival steel imports from China rise.
Eurofer — an association whose members include ArcelorMittal SA, Corus and ThyssenKrupp AG — said the European steel industry was "entering a period of temporary instability and oversupply" that might only end with a modest rebound in the final three months of next year.
The downward trend is expected to accelerate in the first half of 2009, they said, as car sales slump and the construction industry shrinks.
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Despite production cutbacks by steel makers around the world, falling demand is leading to falling prices and it seems that this trend is unlikely to change in the next twelve months.
Posted: October 27th, 2008 under Steel International, Steel News, Steel Prices.
Comments: 1
Comments
Comment from Johnny Coates
Time: October 28, 2008, 2:29 am
I really do believe this is a tough time. It can be seen anywhere. Economic turmoil, moral degradation, wars, fights… Sadly, these kinds of news are not common and shocking anymore, ironically.
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