Mon Jan 30, 2012
FRANKFURT Jan 30 (Reuters) - Kloeckner & Co , Europe's largest independent steel trader, expects Europe's demand for steel to drop significantly this year, its chief executive told a German newspaper.
"We are preparing ourselves for a drop in steel demand in Europe of up to 5 percent this year, it could even be worse," Gisbert Ruehl told Financial Times Deutschland in an interview published on Monday.
Europe's debt crisis has undermined consumer confidence, hit industrial output and raised the spectre of recession in the single currency zone, leaving clients reluctant to stock their inventories in a sector that swings swiftly to match economic cycles.
(sourced Reuters)
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