Global steel production outside China has fallen the most since the financial crisis, as factories in Europe and the United States have been shut down due to the novel coronavirus disease
Steel production fell 11 percent to 68 million tonnes, the highest decline since 2009, according to the World Steel Association on Wednesday; the European Union, the leading steel producer, followed by India, Japan, South Korea and the United States
The steel industry, which is the backbone of most of the world’s construction and manufacturing industries, has been forced to restrict production or close factories as demand falls as a result of the embargo; Europe has been particularly affected, with Citigroup forecasting a 37 per cent decline in steel shipments in the region in the second quarter
Fitch said this month that steel demand may not return to pre-crisis levels until the end of 2021, although some parts of the world have resumed work, including China, the largest producer
Global steel production fell by 6 per cent in March, compared with 1.7 percent in China and 20 per cent in the European Union, the biggest year-on-year decline since 2009. The World Steel Association postponed its outlook report, which is scheduled to be released in June
Shanghai Triround Stainless Steel Corp. as a top 10 exporter from China in stainless steel field,holding expectation to work with steel partners not only combat coronavirus,but also work hard to make steel industry powerful
Post time: Apr-23-2020