EUROPEAN STEEL DAY 2019: More imports 'may lead to further EU steel production cuts', steelmakers warn

European steel mills could further reduce steel production should the volume of steel imported into the European Union continue to increase, market participants said at the European Steel Day in Brussels, Belgium, on Wednesday June 26.

“The markets for many steel products in Europe are rather weak. So nearly every steel company is forced in one way or another to cut production,” Heinz Jörg Fuhrmann, chief executive officer of Austrian steelmaker Salzgitter, said at the Eurofer (European steel association) event. “I have also said publicly that my company has lowered its production somewhat. To be very clear, this is without [the steelmakers] having agreed with each other. We are not allowed to do that,” Fuhrmann said. “[Cutting production] is the logical outcome of the current market situation and the import pressures we face,” he...

Published

Viral Shah

June 27, 2019

19:17 GMT

London