According to the World Steel Association (worldsteel), worldwide apparent steel use is expected to decline by 14.9% in 2009. The decrease follows a 1.4% decline in 2008. As part of its forecast, however, worldsteel noted that steel demand is expected to stabilize in the latter part of 2009, leading to a recovery in 2010. Within the NAFTA region, the United States is expected to show the largest decline in steel demand, with apparent steel use expected to fall by 36.6% in 2009. Outside NAFTA, Europe will be the most affected in 2009 with an expected decline of approximately 25%. India is projected to have a positive growth of 2% for apparent steel use in 2009, and BRIC countries are forecasted to contract by only 5.9%.
China is expected to witness negative growth of 5% in apparent steel use in 2009 as the ongoing global economic crisis hits China’s exports in addition to the effects of a slowing domestic economy. The last time that China’s apparent steel use recorded negative growth was in 1995. Apparent steel use for the world excluding China is expected to decline by 20.4% in 2009.
World Steel Association Provides Outlook
May 5, 2009