Salzgitter does not see improvements in the European steel market

The manufacturer of steel and metal distribution from Germany, Salzgitter, has stated today that any economy recovery sprouts are quickly fading for the metallurgical sector due to excess supply. In its press release, the company confirmed the forecast for losses of more than 400 million euros by the end of this year.

Salzgitter, the second largest company of Germany after Thyssenkrupp, made a decision and conducts a systematic reduction in 1,500 jobs or 6 percent of all German personnel in 2013.

While some industry sectors in Europe are reporting to growing indicators and income, Salzgitter emphasizes that there are no signs of improvement in the construction industry - the main consumers of its metal rolling.

Nevertheless, prices can increase due to a jump in demand for metal products from the traders forced to replenish their warehouses.

Recall that ArcelorMittal in the person of its leader Lakshmi Mittal said that the metallurgical industry passed the point of turn to growth. The two -year decline ended and the world entered the period of economic growth.

Interestingly, what ThyssenkrupP will say about this, the quarterly report of which we will see no later than November 21.