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Besides the low spending capacity, ongoing tight lending conditions set by banks remain one of the main reasons for the subdued sector performance.

Payments in the Australian construction sector take 30-60 days on average, and the level of protracted payments and insolvencies was high in 2018.

Late payments by mainly larger companies continue to negatively affect the working capital management of many smaller businesses in all segments.

Mid-sized businesses are facing profitability issues due to higher labour costs triggered by shortage of qualified staff and increased commodity prices.

Despite increasing clouds on the horizon, there remain several bright spots for export opportunities in emerging markets.

The economic impact of USMCA on Mexican-US trade is likely to be limited, as it is effectively a small modification of the pre-existing NAFTA agreement.

Trade policy uncertainty is one of the top risks to US businesses and consumers in 2019 that may bring the next downturn on more quickly than expected.

Despite a forecast growth slowdown in 2019 the economy should still experience positive momentum, with low unemployment and manageable inflation.

The USMCA has finally been signed on November 30, easing short-term uncertainty surrounding North American trade.

The main potential downside risk for the industry is a deterioration in orders from main buyer industries, especially from the automotive sector.

Both payment delays and insolvencies could increase in 2019, especially if price and margin pressures rise and activity in the construction sector slows.

Competitiveness of the steel and metals industry remains negatively impacted by power costs, which are about 30%-50% higher than in France or Germany.

Despite ongoing price pressure the general outlook for the Dutch steel/metals sector is positive, and the impact of the US import tariffs is very limited.

Payment delays or rescheduling schemes are currently on an upward trend, as producers are facing cash pressure due to heavier working capital requirements.

Higher margin pressure as demand from the automotive sector is expected to decrease in the coming months, while demand from construction remains sluggish.

The number and amount of protracted payments and insolvencies remains high, and many private-owned steel and metals producers face serious troubles.

Payment delays and insolvencies will probably increase until the new USMCA trade agreement is ratified and the US import tariff issue is resolved.

Despite the comprehensive safeguarding measures imposed by the EU, the risk of declining steel prices as a result of additional steel inflow remains.

EU safeguarding measures against steel imports could become an issue if the EU and the UK fail to reach an agreement on the post Brexit trade relationship.

Mid-level producers, smaller steel and metals service centres have started to feel cash flow and profit margin pressure after the imposition of tariffs.