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Global world steel use set to grow 3.1 pct this year

08 october 2013, 18:39
0
©Reuters/Adnan Abidi
©Reuters/Adnan Abidi
Global steel use is expected to grow 3.1 percent this year, up from two percent last year and to expand 3.3 percent in 2014, AFP reports citing industry experts.

A report released by The World Steel Association, which groups 170 steel producers, said global use should rise to 1.475 billion tons, up up 3.1 percent following growth of two percent last year.

It forecast a 3.3. percent expansion to 1.52 billion tons in 2014.

"Major emerging economies, particularly India and Brazil, have not performed as hoped mainly due to key structural issues. These factors have led to a lower steel demand performance than predicted across the world, with China being the one exception," said Jurgen Kerkhoff, chairman of the Worldsteel Economics Committee.

"In 2014, we expect to see continued recovery in global steel demand with the developed economies overall returning to positive growth. At the same time we expect slower growth in China," he added.

"The industry is going through a very difficult phase," Association director general Edwin Basson told AFP.

"Demand in many parts of the world has grown much slower than anticipated and at the same time we see that output conditions, in terms of productivity, are also difficult in many parts of the world," he added.

According to industry data, steel demand in China will grow six percent this year, but only three percent in 2014. In the United States, demand will rise only 0.7 percent this year after a 7.8 percent growth last year.

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