Boris Dubrovsky, chairman of Russian steel producer Magnitogorsk Iron and Steel Works (MMK), has stated that, although the global economic situation is uncertain at the current time, global steel demand will continue to increase by 5-7 percent per year in the short term.
Mr. Dubrovsky said that MMK plans to increase its crude steel output by 7-10 percent in 2012. MMK is expected to produce 14.3 million mt of crude steel in 2012, compared to the production target of 13 million mt for this year.
The MMK chairman also noted that, due to seasonal factors in the short term, steel orders in Q4 this year will maintain their uptrend. In addition, MMK plans to produce 3 million mt of crude steel in Q3 of the current year.