Brazil Steel Industry has presented lower revised forecasts

Brazil Steel Industry has presented lower revised forecasts.

Despite the all-time high output forecast for 2011 of 35.3 Mt, 2011 was a difficult year for the Brazilian steel industry. The Brazil Steel Institute had to revise its forecasts, which have come out lower. The exceeding steel production capacity compared to demand remains high worldwide (500 Mt) and in Brazil as well (20.2 Mt). Like other countries in Latin America, Brazil has been suffering deeper deindustrialization caused by increased direct and indirect steel importation. The metal-mechanic chain has been strongly impacted. Over 60% of China's exportations to Brazil are of metal-mechanic goods.
“Given this scenario, we have had to bring our crude steel forecasts down by 3%”, said the President of the Board of Brazil Steel, André B. Gerdau Johannpeter.

To read the full report of the Brazil Steel Institute, click on “More...”