Steel demand seen rebounding

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    LONDON- Demand for steel in the European Union and Britain fell by 11.6 percent year on year in the third quarter of 2020 as the COVID-19 pandemic hit industrial activity but it is expected to bounce back this year, industry group Eurofer said.

    “2020 is likely to be one of the worst years on record, even if we will see positive figures in the fourth quarter,” said Eurofer Director General Axel Eggert.

    The third quarter decline in apparent steel consumption for the 27 EU members plus Britain to 32.8 million tons was an improvement on the tumble of 25 percent in the second quarter, the European Steel Association said in a statement. – Reuters