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Eurofer: EU Steel Demand Seen Depressed For Longer Than Expected

By Alex MacDonald LONDON--European Union steel demand is expected to remain depressed for longer than expected with a recovery now only likely from the second quarter of 2013 onwards, the European steel association, or Eurofer, said Monday. "Weak confidence in combination with liquidity and credit issues is showing a negative impact on the EU business climate," said Eurofer's Director General Gordon Moffat. "With global economic growth currently hitting a soft patch, export growth is also cooling down, despite the weaker euro. This is bad news for the manufacturing sector and for steel consumption in the EU," he added. EU apparent steel consumption is estimated to have fallen 9% on year in the first half of 2012 and is forecast to hover around the depressed levels of the second half of 2011 during the remainder of this year, Eurofer said. The association, which represents steelmakers such as ArcelorMittal (MT) and ThyssenKrupp (TKA.XE), said that EU apparent steel consumption in 2012 is therefore forecast to drop 5% on the year. "Our base case scenario is still a moderate improvement of the business cycle in 2013 and a corresponding pick-up in real and apparent consumption. However, confidence and access to finance need to improve to get the market moving upward again," Moffat said. -Write to Alex MacDonald at alex.macdonald@dowjones.com

Stock News for Mittal Steel (MT)
DateTimeHeadline
03/16/201514:12:56Report of Foreign Issuer (6-k)
03/02/201511:41:41Automatic Shelf Registration Statement of Securities of Well-known...
03/02/201510:24:50Report of Foreign Issuer (6-k)
02/27/201518:51:15Iron Ore Prices Continue To Weigh In On ArcelorMittal With No...
02/26/201513:57:14Amended Annual and Transition Report (foreign Private Issuer...
02/25/201512:36:51Report of Foreign Issuer (6-k)
02/25/201509:35:35Notice of Iran-related Disclosure Filed Pursuant to Section 13(r)(3...
02/24/201514:49:49Annual and Transition Report (foreign Private Issuer) (20-f)
02/23/201510:09:10The Finest Steel Must Endure The Hottest Fire
02/13/201514:27:23Report of Foreign Issuer (6-k)
02/13/201513:14:48ArcelorMittal Narrows Loss, Warns on Earnings -- 2nd Update
02/13/201512:23:46Correction to ArcelorMittal Expects Pressure From Iron Ore Prices...
02/13/201512:22:25ArcelorMittal Expects Pressure From Iron Ore Prices -- 2nd Update
02/13/201512:17:22ArcelorMittal Expects Pressure From Iron Ore Prices -- 2nd Update
02/13/201512:09:18Report of Foreign Issuer (6-k)
02/13/201512:03:11ArcelorMittal Expects Pressure From Iron Ore Prices -- Update
02/13/201503:31:38ArcelorMittal Expects Pressure From Iron Ore Prices
02/12/201512:06:33ArcelorMittal Eyes Swing to Net Profit Despite Iron Ore Price...
02/03/201518:50:10Cliffs Natural Resources Cries Foul Over Steel Imports--Update
02/03/201510:52:59Report of Foreign Issuer (6-k)

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