In difficult times also, the stainless steel market is a challenge for stockholders, steelworks and the raw materials industry. The market for stainless, acid and heat resisting steels was already showing signs of weakness in the first half of 2008, and now this has been compounded by the effects of the global financial crisis. It was anticipated that stainless producers in the European Union would cut production considerably in the fourth quarter, and consequently output was expected to fall by up to 30 percent compared to the previous quarter. As a result, the wind has changed also for the important raw materials for stainless production - nickel, chrome, and molybdenum.
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