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Brazil steel industry facing 11,000 more job cuts in Q1'16 as output, sales seen dipping further

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Brazil steel industry facing 11,000 more job cuts in Q1'16 as output, sales seen dipping further

The Braziliansteel industry is expected to lay off 11,000 workers during the first quarter ofthe current year as steel production and sales are seen falling 1% and 4.1% yearover year to 32.9 million tonnes and 17.4 million tonnes, respectively, in 2016,Reuters reported March 28, citing the Brazil Steel Institute, or IABr.

The association'sPresident Marco Polo de Mello Lopes told a press conference that the steel sectoris facing its worst-ever crisis as about 30,000 jobs have been lost in the pasttwo years and called on the government to offer tax concessions to steelmakers inorder to boost exports. Lopes added that the government could use its foreign currencyreserves to pay for the measures.

Referringto a growing list of countries restrictingimports amid a global steel glut, Lopes said, "It's a war out there. Brazil cannotremain aloof."