Posted on 16/11/2012 in category Ferrous

BIR World Mirror on Ferrous Metals - November 2012

PRESIDENT'S OPENING REMARKS
by Christian Rubach, TSR Recycling

Steel and recycling industries facing similar problems

The Barcelona Convention was just two weeks ago. A very good attendance and an excellent keynote speaker - Ralph Oppenheimer of Stemcor - could not remove from the fact that the prevailing business sentiment there was more or less pessimistic. Since then, yet more negative news has reached us. Moody’s Investors Service has cut the rating for the world’s largest steel producer Arcelor-Mittal to Baa3, which is the grade for junk bonds. Many steel producers are struggling hugely with their debt burdens, their losses and their empty order books. For Europe at least, this negative economic environment will continue to prevail until late 2013 or even longer...

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