Press releases

Steel Production to Cease at Corus’ Teesside Steel Plant - 16 February 2010

It has been announced today that the Corus Teesside steel plant, a major producer and exporter of semi-finished steel will stop producing steel from Friday 19 February 2010.

The Teesside plant produces slab, and recent opposition from Vera Baird QC MP to the plant’s mothballing has focused on the rising slab price (see chart below).

“The steel slab price is definitely increasing and the European steel market for the rest of this year shows some, but not a lot of promise,” says Roger Manser, Steel Business Briefing’s Managing Editor.

The news that many European mills are seeking higher prices has given the impression of significant strengthening in demand which is in fact not the case. In markets where inventories are minimal, distributors and end-users may grudgingly pay more, but transaction volumes are likely to be low as demand in many places is only growing slowly.;

For the remainder of 2010, the speed of demand growth remains a critical issue. Finance will continue to be a problem in some markets even though the economic recession is believed to be officially over.

 

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