Global steel output down 7% annually in August: UBS By Investing.com
Written by Emily J. Thompson, Senior Investment Analyst
Source: Investing.com
Global Steel Production Decline: Global steel production fell by 7% year-over-year in August 2023, with a significant drop of 13% in China, while production outside China saw a slight increase of 2%. The decline is attributed to weakening demand and negative profit margins leading to increased downtime for producers.
Market Trends and Future Outlook: Steel prices are rising in China and the US due to higher mill prices and steady demand, while the European market faces challenges with falling prices due to low demand and competition from imports. UBS analysts predict potential boosts in demand and pricing by 2025, despite ongoing risks in the sector.
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About PKX
Posco Holdings Inc, formerly Posco, is a Korea-based company principally engaged in the manufacture and distribution of steel products. The Company operates its business through four segments. The Steel segment produces and sells steel products such as hot rolled steel, cold rolled steel, stainless steel, among others. The Trading segment engages in the global trade, including the export and import of steel products. The Engineering and Construction (E&C) segment plans, designs and builds industrial plants, civil engineering projects, commercial and residential buildings. The Other segment is engaged in the power plants, information and communication related services and other businesses.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
