The steel industry faces tough times, with companies braced for falling prices as buyers delay orders because of extreme nervousness over the global economy.
The expected drop in prices threatens the outlook for profits at some of the biggest steelmakers just as their chief executives gather in Paris on Monday for the annual meetings of the World Steel Association, the industry’s main body.
Behind the gloom are worries about the build-up of government debt in the US and Europe coupled with the sense that the eurozone crisis could be about to worsen.
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