Europe keeps stainless steel growth rates

Europe keeps stainless steel growth rates

Stainless steel mills in Europe are going to keep their annual growth rates this year despite a slowdown seen in production during the third quarter of 2003. Stainless steel mills have cut their productions in the third quarter to support the prices of finished products. China is projected as the main point of this growth with other Far Eastern countries. Germany's stainless steel production dropped by 3.3% in the first eight months of 2003. However, Germany exported 297'000 tons of stainless scrap in January-August period. Italian stainless steel mills have cut their production in the third quarter due to stock reduction. Also, the problems which came out in AvestaPolarit's billet caster has negatively impacted the UK's scrap demand. In addition, UK's forecasted stainless steel quantity of 550'000 tons decreased to 445'000 tons due to seasonal factors. However, new plants in Finland and Belgium showed an upward trend. As a result of this, EU had to import 430'000 tons of stainless scrap in the first half of the year.