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World Steel Assoc predicts steel usage rise in 2010

MUMBAI (Commodity Online): World Steel Association has forecasted that the usage of apparent steel will increase by 13.1% in 2010 citing steady recovery in the global economies.

According to WSA, steel usage will increase by 13.1% to 1272 million metric ton as compared to previous year. The forecast represents an improvement of 35 mmt over the April short range outlook for 2010 exceeding the pre-crisis peak of 1222 mmt in 2007.

Commenting, Daniel Novegil, Chairman of the world steel Economics Committee said, \"Our first SRO forecast after the economic crisis in 2009 suggested 8.4% growth in steel demand in 2010. We have now revised this figure up to 13.1%\".

This improved outlook is due to a better than expected forecast for the developed economies particularly the EU, NAFTA, and the CIS as well as the continued strong rebound in most emerging economies. This suggests a steady and stable steel recovery, and our current forecast does not foresee a double dip recession as feared by some, he added.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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