Steelmaker says worst behind us

There will be no recovery for Germany&rsquo;s steel industry until at least 2011, following a &ldquo;very difficult&rdquo; 2010, the country&rsquo;s steel federation said yesterday.<br /><br />&ldquo;But the worst is behind us,&rdquo; said Federation president Hans-Juergen Kerkhoff.<br /><br />Kerkhoff said supply and demand in Germany, the biggest steel-making nation in Europe, had now &ldquo;balanced out again&rdquo; on a better level compared with early this year.<br /><br />Third-quarter new orders were flat year on year, but the recovery was due to an end of destocking, he added.