Steelmakers continue to battle overcapacity
Jan 22, 2013 | 04:37 PM
| Samuel Frizell
NEW YORK Steelmakers continue to battle global overcapacity, which is likely to exceed 479 million tonnes this year, according to Ernst & Young.
Overcapacity remains one of the greatest challenges to the industry, with global capacity utilization rates falling to below 80 percent by the end of 2012 vs. more than 90 percent in June 2008 just before the start of the financial crisis, and is expected to remain below 80 percent this year.
The U.S. market has proven adept at dealing with the financial crisis by increasing production efficiency and allowing plants to close, Mike Elliott, global mining and metals leader at Ernst & Young, told AMM. ....
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