For the fourth year in a row, 2004 was one of the most difficult years, the industry faced since the early ’90’s. Last year the industry: Recorded a further contraction in production faced a very weak final consumption in all the major markets, situation that continues in the first months of 2005 Experienced a new drop in the profitability within the pipe-line On top of those elements, we should stress that EU exporters have not been in a position to fully benefit from the positive developments of world demand due to unfavourable Euro/US dollar exchange rates and the continuing strong downward pressures on world prices.
