According to the International Iron and Steel Institute (IISI) forecast, higher demand in Brazil, Russia, India and China is set to drive global steel consumption up 6.8% in 2008. IISI’s outlook sees world steel consumption reaching 1.28 billion metric tons in 2008, up from an estimated 1.20 billion metric tons in 2007. IISI also predicts steel consumption rising 4-5% a year over the next five years.

Economic growth in Brazil, Russia, India and China – the BRIC countries – has been fueling a steel industry boom that shows no signs of slowing. These four countries accounted for 41% of global steel demand in 2006. According to IISI’s forecast, 77% of global steel demand will be centered in these markets in 2007.