Steel Production Forecasts
MEPS (International) Ltd expects crude steel output in 2005 to be just below 1116 million tonnes - 6.2 percent up on the year earlier figure. Blast furnace iron production is forecast to expand by almost 8 percent and direct reduced iron supply by 2.7 percent, year on year.
The steel manufacturers of most industrialised countries and the emerging nations have acted very responsibly in reducing output to balance market demand, during the second and third quarters of the year. This is expected to extend into the final trimester. Our forecasts from the previous issue of World Steel Outlook have been trimmed.
China still leads the way; with an anticipated increase of 77 million tonnes. This will be more than the 65.5 million tonne rise we attribute to the total world output. Producers in the EU and US are expected to reduce supply by above 16 million tonnes in 2005.
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PARIS (AFX) - Arcelor CEO Guy Dolle said Ukrainian steel exports, which will begin entering Europe when the country joins the World Trade Organisation next year, could result in a large increase in supply that could in turn weigh on prices. Forbes.com
Council to grill steel firm over job losses
SHEFFIELD city council bosses are to grill Outokumpu chiefs over future plans for its operation in the city, Coun Jan Wilson said today. The leader of Sheffield Council will join chief executive Sir Bob Kerslake and Sheffield and Rotherham MPs at crisis talks in London.Councillor Wilson said: "We shall be expressing a great deal of concern about the number of job cuts that are being proposed and asking, on behalf of the city, what the company's long term plans are for Sheffield."We are going on behalf of the city to talk to the chief executive of Outokumpu about this very important subject of jobs for Sheffield," she continued.The Finnish-owned stainless steel manufacturer announced earlier this week it is to axe a third of the workforce at its Shepcote Lane plant in Tinsley.Nearly 700 jobs will go if a rescue deal can't be thrashed out by the end of January.Rotherham MP Denis MacShane was also due to attend the meeting.
Arcelor Profit increase
Steel giant Arcelor SA posted a 4.5 percent increase in third-quarter net profit Thursday as its move into Latin America boosted results amid difficult market conditions worldwide. The world's second-largest steelmaker said it earned euro657 million (US$792 million), up from euro629 million (US$758 million) for the same period last year. Arcelor said it had to deal with higher prices for raw materials and weak demand in the third quarter as flat carbon steel prices reached a low point in September. "Shipments ... should increase only moderately during the last quarter," the Luxembourg-based company warned, and said it won't see the market pick up until next year.