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While in general insolvencies are not expected to rise sharply, an increase in business failures in Puerto Rico and the Houston area cannot be ruled out.

Both the rebound of steel and metals prices and increased domestic demand have helped to improve margins in 2017, which nevertheless remain tight.

Export orientation and diversification are key factors for business success in a business environment characterised by overcapacity and volatile prices.

Due to a high non-performing assets level banks remain reluctant to provide loans, and external financing at competitive conditions remains a challenge.

While the profit margin development is generally stable competition remains high with Asian steel and metals businesses on international markets.

While the outlook for late 2017 and 2018 remains positive, due to overcapacity there is on-going price pressure in most segments, affecting margins.

Production has increased again in 2017, but competitiveness of the domestic steel and metals industry remains negatively impacted by high power costs.

Payment experience has been good over the past two years, and steel and metals insolvencies decreased in 2016, with a stable outlook for 2017 and 2018.

Banks have generally tightened their lending policies for steel businesses due to the fierce competitive environment and still subdued domestic demand.

Revenues of the engineering services industry have rebounded since 2015 as greater liquidity in financial markets helped to boost construction spending.