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EU steel orders not yet back to pre-pandemic levels: Eurofer Steel orders in the EU are not yet back to pre-pandemic levels, except in the automotive sector, where the rebound has been strong, European Steel Association market analysis director Alessandro Sciamarelli said. This is despite an industry-driven rebound in orders in Q3 and Q4 2020 and again in Q1 2021, the Eurofer official said. “Steel consumption [in the EU] is still at low levels in historic terms,” Sciamarelli said in a webinar presentation. “Apparent steel consumption has been falling since early 2019, well before the pandemic, reflecting a negative trend in steel demand, a manufacturing downturn and destocking.” ....
Turning point in US tax policy US President Joe Biden announced a $1.8 trillion plan to improve the country’s social safety net. This is in addition to other plans to increase infrastructure investment and stimulate economic growth during the COVID-19 pandemic. The American Families plan, alongside the Made in America tax plan, may lead to the first US federal tax increases since 1993. The Biden administration has hopes of raising the corporate tax rate from 21% to 28%, as well as increasing the top income tax rate from 37% to 39%. These plans are projected to raise $1.5 trillion. This could be a game-changer in US politics. Almost 80% of the US public supports the American Families plan, but the big question is whether the administration can secure enough support in Congress to enact the plan. ....
Eurofer stresses need to stop EU scrap exports for non-green steel European steelmakers’ group Eurofer has reinforced the importance for Europe to curb exports of ferrous scrap to countries that don’t meet the same environmental standards as Europe, Axel Eggert, director general of the European Steel Association, told S&P Global Platts. The comment came after Eggert talked about the importance of the circular economy during an event on climate transition on April 21. In order to succeed with a green climate initiative by 2050 Eurofer’s director said that it “should avoid that scrap is exported to facilities that do not meet the EU standards and we are asking the [European Commission] to make such a proposal.” ....