Wednesday, April 08, 2009

German steel output down by half in record fall

Reuters reported today that German steel production in March halved, continuing a downward trend, and the steepest fall in 19 years.

The Federal Statistics Office on Tuesday said 2.10 million tonnes of raw steel were produced in March, down 49.8 percent year on year.

Europe's biggest economy has been hit hard by the global downturn, with manufacturing orders falling sharply since the end of 2007. Industrial output posted a record drop in January.

Brokerage Merck Finck said the negative sector trend has considerably strengthened, but this was expected as local plants were only producing 50 percent to 65 percent of capacity.

Read the full story at Reuters

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