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PrintThe main European economies are expected to consolidate a positive recovery in 2014, as per the projections of the IMF, and Q4 2012 will mark the turning point, Guillermo Magnasco from Essar Steel said in an interview ahead of Platts Steel Distribution and Supply Chain conference in Antwerp this October.
The executive noted that Germany, France and UK will end 2013 with first signs of improvement, which will help global EU demand for steel; PIGS countries on the other hand will take more time to recover, but it is expected they will hit the bottom level in 2013.
Regarding the heavy plate market, in which Essar Steel is a major global player, Magnasco noted that this sector is still suffering as it is "directly correlated to investment in infrastructures, engineering and household construction market".
He noted that imports from Asia will continue competing with the production of the South European mills, particularly for commercial grades, but going forward in value added products as well.
"Even today, value added products capacities are commissioned with new state of the art lines in Asia. In terms of consumption and demand we all expect a slight recovery, but main growing market share will be for imports into Europe," he said.
Magnasco will be presenting at the Platts conference hold in Antwerp with the support of the Antwerp Port Authority and focused on the steel distribution and supply chain in Europe. "My expectation is to share my personal and professional view, focusing on what we need as a team in the steel industry do for implementing the recovering path".
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