You are in:Home > News Center

Brazil steel production to fall further in 2016 and 11000 jobs to go

Add Time:2016-03-29 21:36:00 Clicks:

Reuters reported that the Brazil Steel Institute said that Brazil will produce 32.9 million tonnes of raw steel in 2016, 1 percent less than last year, as the sector wrestles with an historic slump in demand amid the worst recession in a generation. President Marco Polo de Mello Lopes told reporters that steel sales for the year are expected to fall 4.1 percent, to 17.4 million tonnes

Mr Lopes said Brazil's steel industry was suffering its worst ever crisis, with nearly 30,000 people laid off over the past two years. According to the institute's forecast, further 11,000 steel workers are expected to lose their jobs this quarter.

Worried at the prospect of little or no growth in the domestic market this year and next, Mr Lopes urged the government to stimulate exports by giving tax breaks to steelmakers, saying Brazil's foreign currency reserves could even be used to pay for the measures. He, referring to a global market in which numerous countries are blocking imports and increasing exportsm said "It's a war out there. Brazil cannot remain aloof.”
Article Comments
Content:
Verification code:
M & M Resources International Inc. Email: info@mmrii.com