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2.2 Management report on on the Group Consolidated results of of operations BRIC stands for Brazil, Russia, India and China. India and China. In the USA the economy cooled noticeably. The continued difficult situation on the labor market, the still weak real estate sector, and the pressure to consolidate public-sector budgets impacted economic growth, which is expected to reach only 1.6% in 2011. Economic activity in Japan was severely depressed as a result of the natural disaster and its aftermath. Japan’s GDP is expected to contract by 0.5% in 2011. The BRIC countries mostly continued to record high growth in 2011. Although the global economic slowdown weighed on exports, Brazil and Russia are nevertheless expected to grow by 3.7%, India by 7.6% and China by 9.4% . Gross domestic product 2010, 2011* Real change versus previous year in % Euro zone Germany Russia Rest of Central/Eastern Europe USA Brazil Japan China India Middle East 2010 2011 * Forecast World (0.5) 1.7 1.6 1.6 2.2 9.4 8.9 Situation in the sectors mainly positive Flat carbon steel – After an exceptionally strong increase at the beginning of the year, growth in global steel demand slowed markedly. Nevertheless, world crude steel output is forecast to reach 1.5 billion tons for the first time in 2011, 7% more than in 2010. Above all China but also most of the other emerging nations significantly expanded their output and in some cases their exports. Steel production in the industrialized countries was likewise higher, with the main exception of Japan. With production levels high in the first nine months of 2011, the German steel industry expects production to be up year-on-year. In the first few months of 2011 the European flat carbon steel market was also robust. Demand from important customer groups increased. A strong cost-induced upward trend in prices stimulated demand for inventories. However, the momentum subsequently dropped sharply. The main reasons for this were uncertainty over the market outlook combined with the good supply situation and European steel producers’ shorter delivery times. Order influx slowed, due in part to increased third-country imports. As a result, steel prices on the European spot markets slipped after reaching a two-year high in March/April 2011. The situation on the US market for flat carbon steel products was similar. 2.9 3.2 3.0 3.6 4.0 3.7 3.7 4.0 3.4 4.0 4.6 6.2 7.5 7.6 10.3 58
Management report on the Group 2.2 Management report on the Group Consolidated results of operations 58 | 59 Flat stainless steel – Global demand for stainless steel flat products rose by an estimated 6% to 17.5 million tons in 2011. The positive trend in orders reported by stainless producers in Europe in 2010 continued in the first months of 2011. However, new orders were subsequently slowed by wide swings in raw material prices and growth in third-country imports. Base prices for stainless steel flat products in Germany, Europe and North America started rising in December 2010. At the same time, alloy surcharges increased as a result of higher nickel prices. From May 2011 highly volatile raw material prices resulted in falling alloy surcharges and eroding base prices. Chinese stainless steel prices also began falling in March, and in the final quarter base prices in North America likewise came under pressure. The markets for nickel alloys and titanium products improved further, with strong impetus from all customer groups and regions. Situation on important sales markets 2010 2011* Demand for finished steel, million tons World 1,312 1,398 Germany 36 39 USA 80 89 China Demand for stainless steel flat, '000 tons 598 643 World 16,536 17,506 Germany 969 1,066 USA 1,027 1,254 China Vehicle production, million cars and light trucks 6,162 6,438 World 71.2 74.1 Western Europe 14.5 15.0 Germany 5.8 6.1 USA 7.6 8.5 Japan 9.2 7.4 China 15.7 16.1 Brazil Machinery production, real, in % versus prior year 3.2 3.5 Germany 9.4 15.0 USA 9.5 13.0 Japan 36.0 (2.0) China Construction output, real, in % versus prior year 19.0 15.0 Germany 0.2 3.6 USA (6.7) 1.6 China 17.4 10.4 * Forecast
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Annual Report 2010/2011 At the cent
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Our mission statement We are Thysse
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Our capabilities Material We combin
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Making tomorrow possible Our engine
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Letter to shareholders Dr.-Ing. Hei
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