Swedish steelmaker SSAB said underlying demand for steel was expected to pick up somewhat in both Europe and North America in 2016 although profitability across the sector as a whole would remain low.
The negative effects of increased exports and low prices due to overcapacity in Asia were making it difficult to achieve satisfactory returns, CEO Martin Lindqvist said when releasing the company's third quarter results.
"Although SSAB considers free trade to be important with regard to development of the global steel industry, the current situation of unhealthy competition means measures are called for to preserve the steel industry in Europe and North America," he said.
SSAB said global crude steel production over January-September was down 2% year on year at 1,213 million mt, with China's output falling 2% over the same period, EU28's flat and North America's down 7%.
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