05.12.2012 11:19
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Moody's: Negative outlook for European steel industry driven by declining demand in 2013

London, 05 December 2012 -- European steel companies' profitability is likely to deteriorate in 2013 as a result of declining demand and weak prices, says Moody's Investors Service in an Industry Outlook report published today. As a result, Moody's is maintaining its negative outlook for the European steel industry.

The new report, entitled "European Steel Industry: Struggles Will Continue into 2013", is now available on www.moodys.com. Moody's subscribers can access this report via the link provided at the end of this press release.

"Unfavourable fundamentals in steel's key end markets of construction, automotive and capital goods will lead to a second year of declining steel demand in Europe, which we estimate will be 2%-4% lower than in 2012," says Steven Oman, a Senior Vice President in Moody's Corporate Finance Group and author of the report.

China's soft landing will translate into low prices for steel-making raw materials and an excess of steel and, as a result, higher levels of exports and lower steel prices. Uncertainties surrounding the Chinese economy and the euro area's sovereign debt issues will keep the downside risk associated with Moody's forecast high for the region and the steel industry.

Moody's forecasts that hot-rolled coil prices in northern Europe will average EUR500 per metric tonne and rarely move above EUR530 per tonne over the next year.

As a result, Moody's expects the profitability of many of the rated western European steel companies will be moderately worse in 2013 than in 2012. However, there are considerable differences between the companies and the markets they serve, so their prospects will vary. In fact, there is potential for two of the companies to register improved EBITDA in 2013: Kloeckner & Co. SE (Ba3 stable) and Aperam S.A. (B1 negative).

In contrast, fundamentals for the Russian and the Commonwealth of Independent States (CIS) steel industry are more favourable. Moody's expects domestic demand to be steady in these markets, and the companies it rates generally have low costs, usually owing to their high self-sufficiency in raw materials. Nevertheless, Moody's also expects the profitability of the Russian and CIS companies including NLMK (Baa3 stable) and Magnitogorsk Iron & Steel Works (MMK, Ba3 stable) to decline in 2013, albeit from higher levels.

Moody's could stabilise its sector outlook for the European steel industry if the European PMI rose to 49 and capacity utilisation in the European steel industry moved to a modest 75%.

Subscribers can access this report via this link http://www.moodys.com/research/European-Steel-Industry-Struggles-Will-Continue-into-2013--PBC_147877. NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: London+44-20-7772-5456, New York+1-212-553-0376, Tokyo+813-5408-4110, Hong Kong+852-3758-1350, Sydney+61-2-9270-8141, Mexico City001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

Steven P Oman Senior Vice President Corporate Finance Group Moody'sInvestors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Olivier Beroud MD - Corporate Finance Corporate Finance Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Releasing Office: Moody's Investors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATIONS") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY'S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process. Under no circumstances shall MOODY'S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error negligent or otherwise or other circumstance or contingency within or outside the control of MOODY'S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY'S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Each user of the information contained herein must make its own study and evaluation of each security it may consider purchasing, holding or selling.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

MIS, a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS's ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Shareholder Relations -- Corporate Governance -- Director and Shareholder Affiliation Policy."

Any publication into Australia of this document is by MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657, which holds Australian Financial Services License no. 336969. This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001.

Notwithstanding the foregoing, credit ratings assigned on and after October 1, 2010 by Moody's Japan K.K. ("MJKK") are MJKK's current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. In such a case, "MIS" in the foregoing statements shall be deemed to be replaced with "MJKK". MJKK is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO.

This credit rating is an opinion as to the creditworthiness or a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be dangerous for retail investors to make any investment decision based on this credit rating. If in doubt you should contact your financial or other professional adviser.

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Um Ihnen die Übersicht über die große Anzahl an Nachrichten, die jeden Tag für ein Unternehmen erscheinen, etwas zu erleichtern, haben wir den Nachrichtenfeed in folgende Kategorien aufgeteilt:

Relevant: Nachrichten von ausgesuchten Quellen, die sich im Speziellen mit diesem Unternehmen befassen
Alle: Alle Nachrichten, die dieses Unternehmen betreffen. Z.B. auch Marktberichte die außerdem auch andere Unternehmen betreffen
vom Unternehmen: Nachrichten und Adhoc-Meldungen, die vom Unternehmen selbst veröffentlicht werden
Peer Group: Nachrichten von Unternehmen, die zur Peer Group gehören

Analysen zu Klöckner & Co

  • Alle
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  • Sell
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11.12.2014KlöcknerCo NeutralGoldman Sachs Group Inc.
04.12.2014KlöcknerCo buyHauck & Aufhäuser Privatbankiers KGaA
19.11.2014KlöcknerCo kaufenNorddeutsche Landesbank (Nord/LB)
19.11.2014KlöcknerCo UnderperformCredit Suisse Group
12.11.2014KlöcknerCo HoldCommerzbank AG
04.12.2014KlöcknerCo buyHauck & Aufhäuser Privatbankiers KGaA
19.11.2014KlöcknerCo kaufenNorddeutsche Landesbank (Nord/LB)
07.11.2014KlöcknerCo kaufenDZ-Bank AG
06.11.2014KlöcknerCo kaufenIndependent Research GmbH
06.11.2014KlöcknerCo buyHauck & Aufhäuser Privatbankiers KGaA
11.12.2014KlöcknerCo NeutralGoldman Sachs Group Inc.
12.11.2014KlöcknerCo HoldCommerzbank AG
07.11.2014KlöcknerCo HoldClose Brothers Seydler Research AG
07.11.2014KlöcknerCo NeutralJP Morgan Chase & Co.
07.11.2014KlöcknerCo NeutralCitigroup Corp.
19.11.2014KlöcknerCo UnderperformCredit Suisse Group
15.10.2014KlöcknerCo UnderperformMerrill Lynch & Co., Inc.
23.07.2014KlöcknerCo SellUBS AG
01.07.2014KlöcknerCo UnderperformCredit Suisse Group
30.06.2014KlöcknerCo VerkaufenBankhaus Lampe KG
Um die Übersicht zu verbessern, haben Sie die Möglichkeit, die Analysen für Klöckner & Co nach folgenden Kriterien zu filtern.

Alle: Alle Empfehlungen
Buy: Kaufempfehlungen wie z.B. "kaufen" oder "buy"
Hold: Halten-Empfehlungen wie z.B. "halten" oder "neutral"
Sell: Verkaufsempfehlungn wie z.B. "verkaufen" oder "reduce"

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