Steel Bulletin - September 2019
October 14, 2019
Not a lot has changed since our June Bulletin and prices are stagnating as we await the outcome of our withdrawal from the EU. We do however expect that if and when we leave that, although we anticipate the pound will strengthen against the euro, steel prices will move forward as uncertainty is removed and demand strengthens.
We have published a separate report on our view of Brexit which is now on our website. As far as British Steel is concerned we are hopeful that they will survive after the due diligence period ends in December. Supply is not currently a problem and we do not see any reason for our customers to significantly increase stocks.
Despite a slow level of demand we have managed to sell more in 2019 to date than in 2018, turnover is also up by 5% and we are anticipating profits for the year will be in line with our expectations. We are also hopeful that when our exit from the EU takes place that demand will improve as there are many projects sat on shelves awaiting the outcome. We are still concentrating on increasing productivity and maintaining our exceptional service levels and I am delighted to say that the direc-tors and staff are not missing Julie and my day to day involvement.
Thank you for reading this and please send me an email or ring 01845 528200 to speak to our sales team for any further information you may need.
All the best John Thompson.