Reuters reported that CEO of Germany's second largest steelmaker sharply criticized rivals like ArcelorMittal for plans to increase production in the middle of a structural crisis in the industry.
Dr Wolfgang Leese CEO of Salzgitter AG in an interview with Financial Times Deutschland while referring to demand stemming from inventory restocking he said that "We only have a small temporary peak that in my view will last until the end of the year roughly.”
He added that "It is incomprehensible that steelmakers are starting to ramp up their blast furnaces.” Mr Leese said he could not say when his own third blast furnace, which has been out of operation since the end of March, would be brought back on line.
