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Europe's Steel Industry Cites Oversupply, Slow Economy As Greatest Challenges

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.

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