Demand for steel in the European Union will continue to fall the next year - Moody's

Moody's Investors Service gave another disappointing forecast for the participants of the EU steel market in 2013. The International Rating Agency claims that European metallurgical enterprises will continue to lose profit and significantly reduce the profitability of its production due to the falling demand and low prices for metal rolling in the region.

As reflected in the Moody's Investors Service report, the fall of the Steel market of the European Union is expected at 2-4% compared to 2012. A decrease in demand for metal products will be observed in industries such as construction, automotive and engineering.

The ongoing expansion of Chinese steel on the EU market will lead to an increase in the supply of inexpensive steel and rental, causing a further drop in metal rolling prices. The main risk factors for the European Union and the steel industry will be uncertainty against the Chinese economy and the problem of the growth of sovereign debts in the region.

Moody's experts said that a revision of the forecast will become possible only when the purchases index in the eurozone will grow to 49%, and the loading of local missile defense systems will reach at least 75%.








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