Steel could face a fall in production in 2009, the Financial Times reports. The sector could see a drop of at least 10 percent, the biggest fall since 1921 when steel production dropped 38 percent. The paper reports a rebound may not be in store for as much as four years.
Steel has been one of the worst-hit sectors, according to the Times, as steel heavy industries like construction and cars reduce their consumption.
Steel companies’ share prices have been hit hard, with some falling as much as 90 percent. Severstal’s shares fell nearly 90 percent between July 1 and Dec. 22, the paper writes; ArcelorMittal’s share prices dropped more than 70 percent; and US Steel fell 79 percent over the same period.