Economy
May 7, 2020
Tanners Predicts Slow Recovery for Economy, Steel Demand
Written by Tim Triplett
Bank of America is forecasting a slow recovery from the coronavirus crisis, one that will take years not just months, said Metals and Mining Analyst Timna Tanners, who was the featured guest speaker during Steel Market Update’s Community Chat on Wednesday.
Bank of America economists anticipate a global recession in the second and third quarters. Looking back at the last recession, it took four to five years for apparent steel consumption in the U.S. to regain pre-financial-crisis levels. “We don’t expect an easy recovery out of this downturn. The worst of the hit is going to be in the second quarter because energy and auto saw such a sharp drop-off,” Tanners told the 500 industry executives who logged into the webinar.
