GLOBAL STEEL COMPANIES REDUCE OUTPUT AS DEMAND EBBS
Date : 27.12.2011 Time : 11.00
Global steel producers are now starting to slam on the brakes in response to dimming short-term prospects for demand. Annualized global steel output slumped to 1,405 million tonne in November, the lowest level this year, according to the World Steel Association.
Year-on-year growth slowed sharply to just 1.1% from 6.2% in October, while capacity utilization slid to a two-year low of 73.4%. Weak production trends have been evident for some time in Africa and Oceania, reflecting political upheaval across North Africa and a wholesale restructuring of Australian producer BlueScope’s operations. In Africa, cumulative production fell 15% in January-November.
In Oceania, it fell 9% over the same period. But both are minnows in the bigger steel picture. The global trend is currently defined by the combination of a slowing Chinese economy and a European economy that seems to be sliding inexorably into renewed recession. http://www.goldennifty.com
Year-on-year growth slowed sharply to just 1.1% from 6.2% in October, while capacity utilization slid to a two-year low of 73.4%. Weak production trends have been evident for some time in Africa and Oceania, reflecting political upheaval across North Africa and a wholesale restructuring of Australian producer BlueScope’s operations. In Africa, cumulative production fell 15% in January-November.
In Oceania, it fell 9% over the same period. But both are minnows in the bigger steel picture. The global trend is currently defined by the combination of a slowing Chinese economy and a European economy that seems to be sliding inexorably into renewed recession. http://www.goldennifty.com
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