The SteelOrbis 2014 Fall Conference & 71st IREPAS Meeting got underway in Berlin today, September 29, with the participation of almost 300 executives, including 82 representatives from 43 steel producer companies from a total of 21 countries and 48 representatives from 33 raw material suppliers.
In his welcome address, IREPAS chairman Kim Marti from Spanish steel producer Celsa pointed out that the global economy is showing positive signals with 3.3 percent growth expected this year and four percent in 2015, adding that the US economy is also accelerating, helping the whole world to grow, especially its neighbors Canada and Central America. Mr. Marti said that consumer confidence has become stronger in the EU, providing support for economic growth, while stressing that the old fears relating to the EU economy are gone. Regarding the Middle East, the economy in the Gulf region is indicating a very strong performance, with a lot of projects coming on stream, while economic stability has been restored in Egypt and Iran is benefitting from the easing of sanctions.
The IREPAS chairman stated that overcapacity is still the main problem the steel industry is facing, citing China as the principal source of the overcapacity with new steelmaking capacities coming on stream in the country. Mr. Marti also included the change in the iron ore-scrap price balance, as well as trade barriers and credit restrictions as problems the industry is coping with.