Recent financial results from leading stainless steel producing companies have confirmed that weaker prices are harming their profits, according to an article in Stainless Steel Review. Among the worst affected are those with a substantial exposure to the North American market. Here stainless steel consumption is estimated to have fallen by 4–5% in the first half of this year, while additional production capacity has been coming on stream. European mills are also reporting weaker results. A marked deterioration was witnessed in the global supply/demand balance in recent months, as consumption slowed and production rose. Many mills have introduced output cuts but it is not yet clear whether these will be sufficient to put a floor under price levels.
