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17. July 2012

German steelmakers may lower 2012 crude steel forecast

Reuters reported that German steelmakers may lower their forecast for crude steel production this year after output fell 5.7% to 21.9 million tonnes in the first half of 2012 on the back of shrinking manufacturing activity in Europe.

Steel association Wirtschaftsvereinigung Stahl said that "Against the background of cautious development of new orders, existing economic uncertainties and the lingering euro zone crisis, we see downside risks to our forecast for 44 million tonnes in 2012 made at the start of 2012."

It said it would issue a new forecast after the summer break, if necessary.

German crude steel output, a broad indicator of health in the manufacturing and construction industries, totaled 44.3 million tonnes in 2011. Big companies include Salzgitter and ThyssenKrupp.

Production for June 2012 dropped by 4% YoY, with the association saying the 3.73 million tonnes forged represented a three month high.

Source - Reuters

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