World Steel Use to Grow 6% in 2011

Figures do not reflect impact of Japan quake and tsunami.

Growth in developing countries is expected to push world steel consumption up 5.9% in 2011, the World Steel Association reported April 18.

The growth rate is lower than in 2010 when worldwide steel use increased 13.2%.

Steel use in the United States will grow 13% to 90.5 million metric tons in 2011. The increase reflects new economic policy initiatives that boost growth in industrial and energy markets, according to the World Steel Association.

In 2012 steel use in the United States is expected to return to 90% of 2007 levels with consumption growing by 6.9% to 96.7 million metric tons.

The forecast does not take into account the impact from the earthquake and tsunami in Japan.

Japan's steel use was expected to decline 1.2% to 63 million metric tons in 2011 as stimulus measures expire. The association projected similar figures for Japan in 2012.

But the impact of the earthquake and tsunami will likely result in further decreases this year, with levels picking up in 2012, the World Steel Association projects.

Global steel use will rise to 1,359 million metric tons in 2011. By 2012 world steel demand will rise another 6% to 1,441 million metric tons, the World Steel Association reports.

In 2012 steel consumption in developed markets will drop 14% below the 2007 level. But in emerging economies steel use is expected to rise 38% over the same period, the World Steel Association predicts.

Emerging and developing economies will account for 72% of world steel demand in 2012 compared with 61% in 2007.

China's apparent steel use in 2011 is expected to increase by 5 to 605 million metric tons following 5.1% growth in 2010.

In 2012, Chinese steel demand is expected to maintain 5% growth, bringing China's steel use to 635 million metric tons.

TAGS: Trade
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