Moody’s downgrades Europe steel outlook to ‘negative’

The international rating agency Moody's has downgraded its outlook for the European steel industry to ‘negative' from ‘stable'.
 
Moody's stated that it expects steel demand in the EU-27 to decrease by up to four percent in the coming 12 months due to economic uncertainty caused by the European debt crisis, as well as due to weak construction and automotive markets.
 
According to Moody's, in 2012 profitability of European steel companies will "be no worse than 2010" and demand is expected to improve.