Germany's Crude Steel Output Suffers Decline
(MENAFN) Germany’s output of crude steel fell sharply in the first six months of the year, primarily due to persistent economic fragility and "massive" pressure from foreign imports, according to figures shared by the German Steel Association on Friday.
Between January and June, crude steel manufacturing in Europe's top economy dipped by 12% compared to the same timeframe the previous year, reaching a total of 17.1 million metric tons.
"The ongoing economic weakness, combined with massive import pressure, is continuing to impact the steel industry in Germany," the association noted in a formal release.
The industry’s circumstances remain highly strained, the association further emphasized.
"The production slump in our industry demonstrates how dramatic the situation is for Germany as an industrial location.
Crude steel production is at the level seen during the financial market crisis in 2009," stated Kerstin Maria Rippel, managing director of the German Steel Association.
She pointed out that steel producers are being hit especially hard by sluggish internal demand from major client sectors like construction, machinery manufacturing, and car production.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
