Multinational steel enterprises workers face unemployment

Multinational steel enterprises workers face unemployment
Some analysts believe that lower demand led directly to a chain reaction of global steel industry, most notably iron and steel enterprises unemployment. The view was expressed that, in the case of shrinking demand, even if China only to maintain steel production, are bound to have some steel need to seek overseas markets, which in some countries will impact the steel industry, may face shut down factories, industrial workers are facing unemployment risk.
Accounting for 10% of global steel production giant Arcelor Mittal announced in August in the United States shut down the South Carolina State George London of a plant, resulting in more than 200 workers unemployed. As planned, the company's two plants in South Africa are also being shut down, hundreds of workers facing unemployment, while ArcelorMittal these changes attributed to "a surge in imports."
In addition, there is a recently located in the east of England steelmaking furnace steel mills began to shut down, thousands of workers facing unemployment. Another British steel prices CaparoIndustries then on the 19th just to register for bankruptcy. India's industrial giant Tata is also shutting down its factory in the UK section.
Global Steel Industry Association report also mentioned some emerging economies, including Russia and Brazil, due to factors including financial market turmoil, low investment and the geopolitical situation and other common needs of the steel industry exacerbated the downturn.
However, the report predicts, in addition to China's steel demand in emerging economies and developing countries will grow 1.7 percent this year, while next year will grow by 3.8%. Among them, as the government focused on urban construction, steel demand in India is expected to grow the most optimistic that this year's growth is expected to reach 7.3%, while next year is expected to grow 7.6%. In Europe, this year's steel demand is expected to grow 1.3% next year, compared with 2.2%.
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