World steel demand to grow 6.7% in 2008: IISI

Font Size

Print

Feedback

Email

Discuss

Related Articles

ArcelorMittal SAfrica agrees 12% pay raiseArcelorMittal SAfrica agrees 12% pay raiseWorld steel demand to grow 6.7% in 2008: IISIGMR for projects in Mid-East, North Africa

World steel demand will grow by almost 6.7 percent year-on-year to 1.28 billion tonnes in 2008, research group the International Iron and Steel Institute said on Monday.

This would be a record for steel use, industry data show.

China, India, Russia and Brazil will be the main drivers of growth as Western economies slow down, the IISI said, releasing its forecast from a meeting in St Petersburg.

"The underlying assumption behind this forecast is that although some weakening in the U.S. and EU economies is expected, demand for steel will remain healthy, thanks in part to the emerging markets which will maintain their own dynamism," IISI Chairman Ku-Taek Lee said in a statement.