AP reported that German production of iron and steel picked up in August, suggesting the worst of a global slump in demand may be past, but still remains well below year ago levels.
Federal Statistical Office said that iron production rose by 12% MoM and steel production rose nearly 10% MoM in August 2009 as compared with July 2009. Production was down sharply compared to a year earlier, however, due to the effects of the economic downturn over the past 12 months. According to Federal Statistical Office, German mills produced nearly 2 million tonnes of iron in August 2009, down by 28% YoY and steel production amounted to 3.3 million tonnes, down by 26% YoY. For the first 8 months of 2009, iron production fell by 42% YoY while steel production was 40% YoY lower than the January to August period of 2008.