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Emirates Steel Sees Trade War Hurting Global Metals Sector

Steel News - Published on Wed, 19 Jun 2019

Image Source: The National
The Nation reported that the escalating trade war between the world’s two biggest economies is denting regional and global demand for steel, forcing the UAE’s Emirates Steel to rationalise its cost base to offset the impact of slower sales. Mr Saeed Al Remeithi CEO told The National that "It’s difficult, challenging, and there is no sell, you see a trend of slowing demand not only in the region but also the whole world. Also from the raw materials point of view, prices are going up. Emirates Steel is paring costs in day to day activities. He said that “In terms of how we charge scrap, how we do the internal processes, how we reduce costs and supply chain for example, but when the business is slowing down, the company is more focused on cost reductions, but that doesn’t mean we’re laying off people.”

The steel sector has faced a challenging year globally following the imposition of a 25% levy by the US administration under President Donald Trump last year on all imported steel into the country. The measure was meant to counter what he called dumping of the metal by manufacturers such as China.

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Posted By : Ratan Singh on Wed, 19 Jun 2019
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