The global metal industry is likely to benefit from the various economic stimulus measures taken by the governments worldwide by the end of this year, says consultancy firm Deloitte.
"It was one of the industries hit first by the downturn, but unfortunately will also be one of the last to get out. A jump-start in other sectors such as automotive and construction will need to occur before we see a rebound in the metal industry," Deloitte's Global Manufacturing Industry Group Leader (Process Sector) Claude Martin said today.
"Governments across the world have pumped in billions of dollars to stimulate local economies and they plan to spend more. These measures hold the potential to significantly affect the global metals industry," Deloitte said.
"However, the benefits to date for the steel sector will unlikely be seen until late 2009 at the earliest."
Regarding the Indian metal industry and the stimulus plan, Deloitte India Senior Director Kumar Kandaswami said, "The Indian stimulus package is very nominal compared to others and is not perceived to lead the change in the global market."
"The Indian Metal industry feels that the protectionist measures were introduced a little too late to revive the economy. The sector is expected to remain broadly stable over current year 2009, however, growth is expected in the long run," Kandaswami added.