Global steel demand in 2004

Global steel demand in 2004

The global steel demand is expected to grow by 4.7% to above 1 billion metric tons in 2004. The estimate states that there are hardly any blast furnace and steel making equipment except for China. Hence, global steel demand gap will increase to 62-92 million tons in 2004. Furthermore, a significant increase will be experienced in steel prices due to this situation. The weak profit will drive global economics expand strongly and steel demand increase. The three largest steel consumption industry of architecture, equipment investment and durable consumption will develop quickly due to recovery in the US economy.