‘Consumption of finished steel to increase in 2005’
Based on the data released by the International Iron and Steel Institute (IISI), total consumption of finished steel products is expected to exceed 1 billion metric tons for the first time in 2005. Total world demand for finished steel products is projected to grow 3.7% in 2005, IISI said. China's finished steel consumption will increase to 293 million metric tons this year. IISI expects China to account for 29% of total steel demand and nearly 80% of world growth in 2005. IISI indicates that apparent steel consumption will likely to fall in several European countries and the US in 2005 due to slower economic growth. IISI also forecasts the consumption of finished steel products will amount to 1.05 billion metric tons in 2006, an increase of 4.8%.