As a result of the COVID-19 pandemic and the subsequent embargo, the decline in business activity in Germany intensified in April, with record declines in both service and manufacturing production.
The German Association of the Steel and Metalworking Industry (WSM) said that the mood in the steel and metalworking industry in Germany is bad and business activity is expected to deteriorate further. Earlier this month, around 90 per cent of the processing industry will reduce working hours. German steelmakers also continued to cut production, with crude steel output falling 10% year-on-year to 3.29 million tonnes in March.
ArcelorMittal and Stahl-Holding-Saar confirmed that the current reduction will continue, while ThyssenKrupp said that restrictions from crude to finished steel will continue.
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