WSA lowers steel consumption growth forecast to 2.1%

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ENS Economic Bureau: New Delhi, Oct 12 2012, 00:32 IST

The World Steel Association (WSA) has projected steel consumption growth of 2.1 per cent in 2012, which is much lower than that of 6.2 per cent growth last year. Echoing similar sentiments, India’s leading private producer Tata Steel said that the government’s projection of 200 million tonne steel production by 2020 looks to be a difficult target.

Expressing its concern for India, WSA said that due to “unfavourable domestic and external economic conditions”, steel demand growth is projected to slow down to 5.5 per cent this year and 5 per cent in 2013. Steel use will reach 73.6 million tonne in 2012 and 77.3 million tonne in 2013. In China, the WSA said, steel demand is likely to be up by 2.5 per cent to 639.5 million tonne this year after a 6.2 per cent growth in 2011.

Tata Steel Europe to cut output, jobs

Tata Steel on Thursday said that it anticipated more job losses and would resort to production cuts in its European unit to combat the steep decline in demand for the alloy in the continent.

“This (job cuts) will be a process that goes on. You have definitely to expect further corrections,” CEO and MD of Tata Steel Europe Karl-Ulrich Kohler said here, without giving any number. PTI

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