OECD expects global steel output to rise by 5%

OECD expects global steel output to rise by 5%

According to the expectation of Organization for Economic Cooperation and Development (OECD), global steel output will grow by 5% in 2005 and by 3.5% in 2006. Preliminary data shows that 1.05 billion tons of steel were produced in 2004 with an 8.7% increase over 2003. China produced 270 million tons of steel last year, revealing a rise of 22.5% compared to 2003 and accounted for 26% of global steel output. The European OECD member countries accounted for 20% of global steel output, the US and Canada 13% and the Asian OECD member countries 16%. OECD stated that China's steel output is expected to increase by 14% this year and by 11% in 2006. Although the Chinese domestic steel output surged last year, country's steel imports declined by 21.2% to 29.3 million tons. The fall in Chinese steel imports is projected to continue this year and even next year.