Steel must address overcapacity: Mareels

Oct 07, 2013 | 03:14 PM | Catherine Ngai

Tags  McKinsey, steel overcapacity, steel consumption, Sigurd Mareels, World Steel Association, WorldSteel, Catherine Ngai

SÃO PAULO — The global steel industry must address systemic overcapacity issues to remain sustainable in the next decade, according to Sigurd Mareels, a director in the Belgian office of consultancy McKinsey & Co. Inc.

Demand growth isn’t necessarily going to help, he said. With global steel consumption expected to rise around 3.1 percent this year and some 3.3 percent in 2014, according to a forecast by the World Steel Association (WorldSteel), it will take years before it makes any dent in the global capacity overhang estimated at around 300 million tonnes.....

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