Evraz Sees European Steel Market Stalled Even as U.S. Recovers - Bloomberg

Evraz Sees European Steel Market Stalled Even as U.S. Recovers - Bloomberg:

"Evraz Plc (EVR), Russia’s largest steel producer by output, expects the European market to stall for at least two to three years even as U.S. demand recovers.
“Europe didn’t solve fundamental problems with its economy during the current crisis,” Pavel Tatyanin, its international business chief, said in an interview. “The U.S. deleveraged its companies, allowed the dollar to drop against major currencies, reduced labor costs and took measures to boost labor mobility.”
Evraz is cutting European operations, including the sale of its Czech Vitkovice Steel unit bought in 2005, while completing an expansion of its North American rail-manufacturing capacity. European steel demand declined 9 percent last year and may drop 3 percent this year, while North America grew 8 percent in 2012 and may gain 1.5 percent this year, according to Morgan Stanley. (MS)"

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