What a poxy disingenuous newspaper that is - as it looks like whereas the PROJECT TOTAL might be in £billions - the Swedish Steel is of a specialist nature, worth tens of millions and the manufacturing order is spread over several years.
”The steel industry's dire straits are in the spotlight this week, with both China and the U.K. warning about the hit from the dramatic slump in demand, particularly from the world's second-biggest economy.”
”Steel prices have held at $170 per ton since October 8, having fallen sharply over the last year from above $400 per ton.”
”The slump in steel prices can be attributed to the broader rout in metals and other commodities over the last 12 months, as well as the ramp up in world steel production this millennium.”
”Total world steel production almost doubled between 2000 and 2014, mostly driven by increases in Chinese output, according to a U.K. parliamentary briefing paper. Growth in production has slowed considerably since then, but this has proved insufficient to compensate for the slump in demand.”
”Stocks of major steel producers around the world have slumped this year. Frankfurt-listed shares of ArcelorMittal are down 69 percent since the start of 2015, while U.S. Steel Corporation has plunged 60 percent. In addition, China's state-owned Sinosteel delayed an interest payment due on 2 billion yuan ($0.3 billion) of 5.3 percent notes last week, highlighting the difficulties facing Chinese steel, coal mining and shipbuilding companies.”