LONDON, April 11, 2013 /PRNewswire/ -- More than 150 global steel producers, suppliers and end-users identified oversupply and the sluggish global economy as the greatest challenges facing the European steel industry, according to a recent survey conducted by Platts, a leading global energy, petrochemical and metals information provider.
International competition and European Union climate change requirements were also noted as key issues facing European steel companies, many of which will attend the events of the Platts European Steel Summit. The Summit is comprised of Platts Green Steel Focus Day on May 22, the ninth annual Platts Steel Markets Europe Conference on May 23-24 and the May 23 inaugural Platts Global Metals Awards program, which highlights exemplary performance by corporations and individuals in categories spanning the entire steel, metals and mining complex.
"The operating environment for steel producers, traders and distributors in Europe is challenging," said Platts Senior Metals Editor Paul Millbank. "The region's economy has been far slower to recover from the 2008 financial crisis than other areas such as the United States, hit equally as hard. We can see that five years on, Europe is still struggling, which is holding back steel demand."
In addition to key challenges, the survey asked respondents about the outlook for steel demand in 2013 and from which sectors of the economy. Respondents identified the oil and natural gas sector as the industry most likely to see the greatest increase in steel demand this year, while the construction and packaging industries were seen as industries least likely to increase steel consumption in 2013.
"Steel consuming sectors are taking a dual hit – continued poor consumer and business confidence and financial constraints – which together are subduing spending and capital investment," explained Millbank, who reviewed the survey results and will chair the upcoming Platts Steel Markets Europe Conference.
These and other topics will be discussed in depth at the two-day Platts Steel Markets Europe Conference, where top executives from the European Commission, World Steel Association, Eurofer, Dillinger Hutte and Essar Steel India and others will present their views on the latest trends and developments in the European steel market. See the full conference agenda for details.
Corporate and industry executives may register to attend the Platts Steel Markets Europe Conference at the general registration link. Accredited media may attend the conference as guests of Platts by pre-registering at this link.
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