Brazil, the world's tenth largest steel producer, is expected to end 2007 with 9.9 percent more crude steel production than the previous year, according to the Brazilian Steel Institute (IBS).
Up from 30.9 million metric tons (mt) in 2006, Brazil's crude steel output is expected to finish off 2007 at 34.0 million mt, a 9.9 percent increase. IBS president Rinaldo Campos Soares commented, "This year was an exceptional year for the Brazilian steel industry."
Though these figures fall short of the originally projected forecast of a 13 percent gain for 2007, the 34.0 million mt figure would be a record for Brazilian steelmakers who expect the performance in 2007 to carry over into 2008. IBS estimates that production will increase by approximately 10.8 percent in 2008 when compared with this year, with tonnage estimated at 37.6 million mt.