The Brazilian Steel Institute (Instituto Aco Brasil) announced Tuesday that it has reduced the forecast for Brazilian steel output in 2011 from 39.4 million metric tons (mt) to 36.3 million mt, an 8 percent decline.
Nonetheless, output of 36.3 million mt will still be a 10.5 percent increase from steel production in 2010. Steel exports in Brazil are expected to be about 11.2 million mt in 2011 and imports are likely to reach 3.4 million mt.