Worldwide Steel Output Appears to Stabilize in May

Raw steel production rose 3.2% worldwide from April to May, and dipped only slightly (-0.1%) from May 2015, but the 2016 year-to-date tonnage is down 2.3% versus the first five months of 2015. These results drawn from the latest monthly report issued by the World Steel Association, which recently issued an outlook report for 2016 anticipating a small year-on-year (-0.8%) decline in global steel demand, to an estimated 1.488 billion metric tons, following the -3.0% annual decline shown in the 2015 global steel production (1.62 billion metric tons.)