Hard times: A sign on a roundabout advertises the Tata steelworks in Port Talbot, Wales, Britain. Companies like Tata Steel have announced some plant closures in Europe. — Reuters
FRANKFURT: The global steel and shipping industries have for years been locked in a tight embrace. Iron ore and coal, key raw materials for making steel, are among dry bulk shipping companies’ most important cargoes.
Now, an oversupply of both ships and steel has turned that relationship toxic. Both industries need to eradicate overcapacity quickly - or risk repercussions far beyond their respective shareholders, bondholders and lenders.
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