First green shoots of recovery - EU steel market

Eurofer’s quarter 1-2010 report on the Economic and Steel Market Outlook 2010-2011signals that economic momentum in the EU economy should gradually gain further strength this year. Progress will be slow and surrounded by uncertainties; however, the risks are now much more balanced than a year ago. Also in the steel using sectors the recovery will take hold. Activity in the manufacturing sector will be supported by improving international trade and inventory replenishment. The outlook for the engineering industries and automotive manufacturers has become slightly more upbeat. In contrast, perspectives for the construction sector have darkened, mainly due to a further deterioration in the non-residential sector. On balance, output in the steel using sectors will rise 0.6% in 2010. A further strengthening is expected for 2011 with growth accelerating to 3.5-4%.

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