The outlook for the European steel sector will remain stable over the next 12 months as continued growth in the main steel using end markets and improving regional economic growth prospects will support steel demand in Europe, says Moody's Investors Service in a report published today. However, high pressure on prices could lead to lower profitability prospects. The outlook for Russian steelmakers is more negative with the country in continued recession.
"Our outlook for the European steel sector over the next year remains within our stable range as we expect sustained demand from the auto, construction and consumer goods industries. Brighter economic growth prospects in Western Europe are also set to mitigate further anticipated price falls as a result of cheap Chinese imports and oversupply in Italy," says Hubert Allemani, a Moody's Vice President -- Senior Analyst and author of the report.
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