During a workshop organized by the studies center of Italian steelmaker Ilva, center director Giancarlo Quaranta said he foresees a significant reduction in steel consumption in Europe in 2012.
Mr. Quaranta observed, "For the time being we must try to limit the damages while waiting for a recovery in the sector. In 2012 steel consumption in Italy should be 27 million mt, well below the figure recorded in the record year of 2008 with 32.5 million mt."
Remarking on the economic difficulties facing Italy, Mr. Quaranta stated, "The current phase of the crisis is characterized on the one hand by the need to reduce the public deficit, and on the other hand by the weakness of the international economic situation: these factors are weighing excessively on the economy and employment."