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.