In the latest Eurofer’s report on Economic and steel market outlook analysts pointed out the sharp decreased demand of almost 50 percent in the first quarter of 2009, which proved itself that how serious the impact is of the economic crisis on the European manufacturing and building industries.

According to the report, because of the weak activity levels in the market, the industries’ manufacturers hold too much stock, so do the distributors. For the time being, “order intakes at EU steel mills are expected to be at unprecedented low levels”

The latest forecasts showed a 40~45 percent apparent steel consumption falling in the first half of this year, and the number of the whole year of 2009 is 30 percent.