The improvement observed on the Group’s main markets since the second half of 2009 continued into the first quarter of 2010. Business was firmer overall than in the historically low levels of the first quarter of 2009. Emerging countries show strong growth. Economic activity in Europe and North America was affected by poor weather conditions in January and February.
Industrial production-related sectors, which were the worst hit by the global economic crisis and inventory reduction trends, recorded a significant upturn in business, particularly due to inventory rebuilding in the value chain. Thus, in the first quarter of 2010, global steel production grew + 29% compared with the same period in 2009 and returned to its first quarter 2008 level. Output in North America and Europe is however still approximately - 20% lower than pre-recession levels, while growth continues in China. Global production of printing and writing paper increased slowly. In France, the construction sector was hit by adverse weather conditions early in the year. Moreover, single-family housing starts remain low, not taking yet full advantage of the upturn in sales of new individual housings observed since mid-2009. In North America, housing starts are stagnating at historically low levels. Directly consumer-related sectors such as the filtration market held out well.
