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European Steel Industry Recovering - ArcelorMittal CEO Flat Products Europe

Steel News - Published on Tue, 11 Jun 2019

Image Source: SAP News Center
Bloomberg reported that according to ArcelorMittal, Europe’s troubled steel market is showing signs of bottoming out. Mr Geert van Poelvoorde CEO Flat Products Europe said “While weak auto industry demand means it’s too early to call a recovery, steel prices in the European Union are starting to climb. If the global economy stays as it is today, the steel industry has probably past the bottom. I really hope the price drop is now over.”

However he said “Higher prices are a matter of survival for the industry now. The recent uptick is far from sufficient with prices still 50 to 60 euros below year-earlier levels and costs much higher.”

He added “The market may start to recover in the fourth quarter of this year if a rebound in the auto sector materializes, and if the European Commission limits low-cost steel imports flooding the continent. If regulators don’t do their job, the European industry will contract further.”

ArcelorMittal announced output cuts in Europe last month as the market came under pressure, with US tariffs deflecting shipments to the EU and higher iron ore prices boosting costs.

Source :

Posted By : Sanju Moirangthem on Tue, 11 Jun 2019
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