World Steel Output Down 23.5% in March

Global steel output in March tumbled 23.5% from a year earlier, the World Steel Association said on April 21, as the global economic slump ravages the sector.

Steel production in the 66 member nations of the association fell 24% in January on a 12-month comparison and by 22% in February.

Economic powerhouse China bucked the trend in the first quarter however, registering a slight increase in steel production of 1.4% in the three month period.

The world's biggest steel producer, ArcelorMittal, has slashed production and cut jobs in response to the crisis in the sector. The group had net losses of $2.6 billion in the last quarter of 2008.

Copyright Agence France-Presse, 2009