SSAB Chief Expects European Steel Demand to Remain Lackluster
The slump in European steel consumption, driven by the weak construction and automotive industries, isn't about to end anytime soon, according to the new chief of Sweden's biggest steelmaker.
Steel demand is often viewed as a key barometer of the world economy, and producers in Europe and the US are also being squeezed by a wave of cheap Chinese imports. Usage in Europe last year was even lower than during the pandemic year of 2020 and one of the lowest 'in a long period of time,' according to SSAB AB Chief Executive Officer Johnny Sjostrom.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
18 minutes ago
- Yahoo
Slow shift to electric trucks puts EU firms at risk of heavy fines
European truck manufacturers face potential multi-billion-euro fines due to the sluggish adoption of zero-emission vehicles, the European Automobile Manufacturers' Association (ACEA) warned. More than 90% of new trucks registered in Europe still run on diesel, while only 3.5% of those registered in the first quarter of 2025 were electric or plug-in hybrid models, according to ACEA. Buses show better progress, with nearly 65% of new registrations running on diesel, due to a relatively high share of climate-friendly buses in cities. Christian Levin, chair of ACEA's commercial vehicle board, called on governments to do more to boost demand for electric commercial transport, such as increasing the cost of diesel transport and accelerating investments in charging infrastructure. Levin noted that nearly every major transport route in Europe runs through Germany, making support from the German government especially important. Under current EU law, average CO2 emissions from new heavy-duty vehicles such as trucks, trailers and long-distance buses must be cut by 45% by 2030, 65% by 2035 and 90% by 2040 compared to 2019 levels.
Yahoo
25 minutes ago
- Yahoo
Morning Bid: So, it's a framework for a deal, maybe?
(Reuters) -A look at the day ahead in European and global markets from Wayne Cole. So, apparently, they have the concept of a plan for a proposal on a framework for a deal to break the latest U.S.-China trade impasse. Which was only needed because President Trump sent that tweet claiming Beijing had broken the old deal. This deal now needs to be approved by Trump and Chairman Xi, and then implemented. At least the Chinese side thought the talks were "rational", which was a step forward. Details were scant, though the U.S. team did claim that it would resolve China's export restrictions on rare earth minerals and magnets. What Beijing got in return was not yet clear. Neither was it clear whether this truce would last any longer than the last one, which might be why the early market response was less than enthusiastic. U.S. and European stock futures were all down between 0.2% and 0.6%, and Asian shares modestly firmer. There is still the small matter of whether the April 2 levies are actually legal, with a federal appeals court allowing the tariffs to remain in effect while it reviews a lower court decision blocking them. The dollar and Treasuries were little changed as the U.S. CPI looms later in the day and any upside surprise would fan stagflationary fears, to the detriment of both markets. Analysts assume lower energy prices will keep the headline rise to 0.2%, while the core is seen up 0.3%. Attention will be on whether tariffs show up in goods prices, though the full impact is likely to appear from June onwards. Measures of volatility suggest investors really aren't prepared for a high number, so anything in line will be a relief. Treasuries also have a 10-year auction to weather, with the focus on the share taken by indirect bidders which include foreign central banks. The latter took a hefty 71% of the May sale, while primary dealers got just 8.9%. A repeat performance would be warmly welcomed. Key developments that could influence markets on Wednesday: * ECB wage tracker. Appearances by ECB council membersGabriel Makhlouf; Piero Cipollone; Philip Lane and Claudia Buch;policymaker Yiannis Stournaras * British finance minister Rachel Reeves releases spendingreview * U.S. CPI data for May (By Wayne Cole; Editing by Christopher Cushing) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
25 minutes ago
- Yahoo
Temu, Shein pivot to Europe to bypass US tariffs
Chinese-founded budget e-commerce platforms Temu and Shein have been increasing their presence in European markets as their sales decline sharply in the United States. Consumer spending on Temu in the US fell by approximately 36% in May compared to the previous year, while Shein's spending dropped by 13%, according to data from Consumer Edge. Despite this growth opportunity in Europe, experts warn that both companies face mounting regulatory scrutiny similar to that encountered in the US. As US tariffs and trade policies have taken effect—such as the May end to a small-package tariff exemption and new duties as high as 54%—Temu and Shein have shifted their strategy towards European countries. Consumer Edge's data indicates that consumer spending on these platforms grew significantly in Europe in May, with Temu's sales rising by 63% in the EU and 38% in the UK year-over-year. Shein also saw increases of 19% in the EU and 42% in the UK. France, Europe's second-largest economy, emerged as a key market, especially for Temu. This European growth has been accompanied by increased advertising investments and efforts to expand warehouse capacity. Both companies are experimenting with localised business models to better adapt to the region's consumer preferences. However, Europe enforces stricter regulations on product safety, consumer protection, and competition, which require additional compliance and transparency efforts. Despite their expansion, Temu and Shein face intensifying regulatory challenges in Europe. The European Union is preparing to introduce a two-euro flat customs fee on low-value packages from online marketplaces, which previously entered duty-free. Industry experts describe this move as a strategic effort to regulate the rapid growth of ultra-cheap cross-border e-commerce and foresee significant impacts on the platforms' operations over the coming years. Further regulatory pressure comes from consumer advocacy groups and government bodies. The pan-European organisation BEUC has filed complaints against both companies, accusing them of employing deceptive marketing tactics known as 'dark patterns' that encourage overconsumption. The European Commission is also investigating Shein's adherence to EU consumer protection laws. Meanwhile, France is considering legislation specifically targeting ultra-cheap fast fashion products for their environmental impact. Beyond commercial regulations, Temu and Shein face scrutiny over labour practices and human rights compliance. US authorities have challenged Temu over alleged breaches of the Uyghur Forced Labor Prevention Act, which bans imports made with forced labour from China's Xinjiang region. Europe is advancing stricter oversight through the Corporate Sustainability Due Diligence Directive, requiring companies to address human rights abuses and environmental impacts within their supply chains. Analysts highlight that the rising global protectionism and differing standards on labour and sustainability are significant factors behind the growing regulatory hurdles. While Europe presents valuable growth opportunities, compliance with these evolving legal frameworks will be crucial for Temu and Shein's continued expansion in the region. Navigate the shifting tariff landscape with real-time data and market-leading analysis. Request a free demo for GlobalData's Strategic Intelligence . "Temu, Shein pivot to Europe to bypass US tariffs" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
