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Reuters: German Steel Industry Sees No Broad Recovery This Year
02/13/2013 - Germany's steel sector is unlikely to see a sustainable recovery this year as demand remains weak and competition in global markets intensifies, Reuters reports a trade group as saying.
Germany's steel sector is unlikely to see a sustainable recovery this year as demand remains weak and competition in global markets intensifies, Reuters reports a trade group as saying.
"The economic and structural conditions are difficult," German steel association president Juergen Kerkhoff told journalists ahead of a steel conference on Wednesday.
Europe Union-wide austerity measures aimed at cutting budget deficits have hit economic growth and proved particularly painful for the steel industry because of the accompanying slowdown in demand for cars, appliances and new buildings.
Germany, Europe's biggest economy, was one of the strongest performers in the euro zone crisis but still saw its economy shrink 0.5% in the final three months of 2012…
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