Tuesday 18 November 2008
Australia the place to be for steelmakers
BLUESCOPE Steel claims Australia’s steel market is relatively robust even as the global financial crisis weakens demand for steel products.
Steel companies all over the world are cutting production, as the construction and manufacturing sectors go into decline.
While the steel company says its Australian and American operations were “holding up well”, changing conditions could compromise that. It has also ruled out acquiring other companies during this crisis.
Although the local residential construction sector was a bit weak, the mining developments are continuing to boost demand for steel. The key, according to BlueScope, is the level of confidence.
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