The EU steel sector has moved into an extremely quiet phase. With no good news to report, the steel-makers, service centres and end-users are all looking inwards and contemplating their next moves to minimise the effects of the current downturn. Signals emanating from the steel producers suggest that drastic action will be taken over the next few months.We anticipate a substantial number of steel plant output curbs over the Christmas and New Year holiday breaks. Several have already been announced and more will follow. The short term outlook is poor as customers hold back on forward order schedules. Quick and decisive action on curtailing steel production will pay dividends in the medium term.
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