As the financial crisis continues to spread to the real economy, steel has become an industry that has been deeply affected by automobiles and buildings. According to the latest data, due to the declining global steel demand, global steel output fell nearly 20% in November.
According to the French “Echoâ€, citing the latest data from the World Steel Association, global steel production in November this year was 89 million tons, a decrease of 19% from the same period last year. The decline in global steel production began in September and showed an accelerating trend. Global steel production also increased by 3% in August, and decreased by 3% and 12% in September and October respectively.
Steel production is the most severe in Europe and the United States. In November, EU member states’ steel output fell by 25% year-on-year, US steel output fell by 38%, and steel production in the former Soviet Union dropped by 43%. Even in the Asian region, which has always maintained strong growth, steel output in November also fell by 11%.
The crisis in the steel industry is mainly due to its involvement in the automotive manufacturing and construction industries in its largest downstream industry. As the auto market and real estate market have shrunk drastically, automakers have significantly reduced their capacity, and builders have also slowed the rate of new homes to market. Demand decline forced steel companies to take significant measures to reduce production. The world’s number one steel giant ArcelorMittal announced a 35% cut in the fourth quarter and layoffs of 9,000 people worldwide.
Credit Suisse believes that the global steel demand contraction is mainly in the fourth quarter of this year and the first quarter of next year. It is expected that the global steel demand will drop by 20% in this December and the first quarter of next year, and the demand for the whole year will decline by 7% next year. However, demand will rebound by 20% in the fourth quarter of next year.
According to the French “Echoâ€, citing the latest data from the World Steel Association, global steel production in November this year was 89 million tons, a decrease of 19% from the same period last year. The decline in global steel production began in September and showed an accelerating trend. Global steel production also increased by 3% in August, and decreased by 3% and 12% in September and October respectively.
Steel production is the most severe in Europe and the United States. In November, EU member states’ steel output fell by 25% year-on-year, US steel output fell by 38%, and steel production in the former Soviet Union dropped by 43%. Even in the Asian region, which has always maintained strong growth, steel output in November also fell by 11%.
The crisis in the steel industry is mainly due to its involvement in the automotive manufacturing and construction industries in its largest downstream industry. As the auto market and real estate market have shrunk drastically, automakers have significantly reduced their capacity, and builders have also slowed the rate of new homes to market. Demand decline forced steel companies to take significant measures to reduce production. The world’s number one steel giant ArcelorMittal announced a 35% cut in the fourth quarter and layoffs of 9,000 people worldwide.
Credit Suisse believes that the global steel demand contraction is mainly in the fourth quarter of this year and the first quarter of next year. It is expected that the global steel demand will drop by 20% in this December and the first quarter of next year, and the demand for the whole year will decline by 7% next year. However, demand will rebound by 20% in the fourth quarter of next year.
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