Trade group says E.U. steel market hitting bottom

LONDON (MarketWatch) -- The trade group Eurofer said it's seeing signs that the E.U. steel market is bottoming out. A report shows that output of the E.U.'s steel-using sectors - such as automotive and the construction sector - fell by almost 25% year-on-year in the first quarter of 2009; a similar drop in output is estimated for the second quarter. Steel demand dropped by 43% in the first half. According to the report destocking and weak activity in the steel using sectors will continue to depress apparent steel consumption in the third quarter of 2009. However, from the fourth quarter onwards the market is expected to see a low-level equilibrium as the negative effect of the stock cycle starts to ease. It expects apparent steel consumption to grow by almost 14% in 2010.

http://www.marketwatch.com/story/trade-group-says-eu-steel-market-hitting-bottom

 

I had no idea there still was a market for steel in the EU

 

They're always uncertain about the short-term but always perpetually optimistic about the long-term.

 

Maybe they have a "collaborative" U.S./E.U. project to build a steel bridge across the ocean in 2010 that we don't know about yet. Hmm