April 6, 2020 |
Moody's said it has put a negative outlook on the Brazilian steel sector in anticipation of depressed sales through at least early 2021 due to the coronavirus pandemic.
"Even without knowing the outbreak's intensity or duration," the rating agency said in a report, domestic demand for steel will likely fall on lower sales of automobiles and capital goods and slower construction activity due to containment measures to contain the virus.
Moody's said it now expects GDP in Brazil to fall 1.6% in 20
Rating agency anticipates a decline in demand due to coronavirus outbreak