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Brazil steel sector urges aggressive structural changes

A major and aggressive change is needed to solve Brazil’s structural problems, as the steel sector faces its most critical situation.

Mr Benjamin Steinbruch CEO of CSN said that “”Brazil’s steel sector is at imminent risk of starting to cut jobs due to the increasing lack of business perspectives. One of the panelists presenting at the 25th Brazilian steel congress in São Paulo on August 12 to 13. Brazil has lost the capacity to compete with international peers, as the government has failed to give the steel sector the more creative solutions it needs.”

Mr Steinbruch who is also Sao Paulo state’s industry federation Fiesp president, said that Brazil needs to do something different, since the country is visibly reaching its limits. Palliative measures do not help. I just believe in a solution if there is something very different to solve our problems. We need something aggressive just to fix these distortions.”

He said that the steel sector’s concern is even more serious as there is a perception that Brazil has plenty of scope to get worse. The measures are urgent citing the high interest rates in the country and the so called Brazil Cost. The sector is cut off from the federal government when it comes to addressing the problems faced by the industry. There’s a lack of communication, our needs do not arrive in Brasília.

He added that during the congress, Brazil’s steel industry association IABr revised down its production, sales and consumption forecasts for 2014, as negative systemic factors impact the sector’s competitiveness and affect its main customers.

Source – Business News Americas

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