China could threaten Sims ferrous business
Nov 17, 2006 | 04:11 PM
| Michael Marley
China is no longer Sims Group Ltd.'s best market for ferrous scrap and instead might be a threat to its ferrous business, according to Jeremy Sutcliffe, chief executive officer of the Australian recycler.
Sutcliffe told shareholders at the company's annual meeting in Sydney Friday that China remains the company's most important market for nonferrous scrap, but not for ferrous metal. "In the short term," he said, "China is perhaps more of a threat to our ferrous business than it is a significant customer," he was reported as saying.
Steel output in China now exceeds its consumption, and China has become a major exporter of steel products to overseas markets. This could force other steelmakers to reduce their production and, as a consequence, their demand for steel scrap, he said.....
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