Chilean steelmaker and miner Compañía de Acero del Pacífico (CAP) has announced that its sales of steel and
iron ore have begun to recover this month. CAP's president, Roberto de Andraca, said, "The fact that inventories are starting to empty and that true demand is emerging are positive signs."
Mr. Andraca further explained that between December and February, CAP's steel demand dropped approximately 40 percent compared to the same period of 2008, as traders and
distribution centers abstained from purchasing more material in order to reduce their inventories. He added that the descending trend has started changing in March and that current
production levels have been hiked back to 65 percent. He forecasts these levels to reach 85 percent by the end of 2009.