Global demand for steel is down around 20 percent at the moment, but with destocking nearing to an end, the industry is likely to see some signs of recovery by the end of the year, a top industry official said on Monday.
I would be very suprised if there were not green shoots out there by the end of the year, Ian Christmas, director general of the World Steel Association said at the Reuters Global Mining Summit in London.
Stocks are very low and we see destocking coming to an end, Christmas said. By the end of this year, I'm sure some steel companies will say 2010 is looking much better than we thought this time last year. (Reporting by Humeyra Pamuk, Editing by Hans Peters)
(c) Reuters 2009. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.