Emerging Markets Drive Global Steel Growth in May

Developed countries still struggling to reach prerecession levels.

Growth in emerging markets helped push global crude steel production up 4.2% in May over the same month last year, the World Steel Association said June 20.

But some gains were offset by a slow economic recovery in developed economies.

The 64 countries reporting to the World Steel Association produced 130 million metric tons in May.

The association attributed the increase to resiliency in emerging markets.

"The recovery in emerging economies has been strong and steady, and steel demand in many emerging countries has already surpassed the pre-crisis peaks," said Soo Jung Kim, a Worldsteel media relations manager.

These markets include China, up 7.8%; Brazil, up 14.7%; and South Korea, which increased production 12.8% in May.

In developed countries, including the United States and Germany, output remained nearly level with the previous year, while France and Spain each recorded decreases of 7.3% and 5.5% respectively.

Japan's production in May also declined by 7% compared with the previous year.

TAGS: Trade
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