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World Steel global steel consumption to grow by 6% in 2011

World Steel Association reported that global steel consumption would be raise by 5.9%% in 2011, driven by the growth in developing countries. However, it was lower than the growth rate of 13.2% in 2010.

Among them, the steel consumption in the US is expected to rise by 13% to reach 90.5 million tons in 2011, reflecting the rising growth in Industrial and energy market boosted by the economic policy.

Furthermore, the US’s steel consumption has been seen to have another 6.9% increase to hit 96.7 million tons in 2012.

In addition, the global steel consumption is predicted to increase to 1,359 million tons in 2011; moreover, the world’s steel demand will advance another 6% to 1,441 million tons in 2012.

However, it’s predicted that the steel consumption in developed markets would fall by 14% below the 2007 level in 2012.

The forecast does not consider the consequences from the earthquake and tsunami in Japan which will likely result in further decreases this year.

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