World's Steel Production Rises 4% in November 2007

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Researched by Industrial Info Resources (Sugar Land, Texas)--The world's steel production for the 67 countries that report to the International Iron and Steel Institute (IISI) (Brussels, Belgium) rose 4% year over year to 109 million tons in November 2007, according to the IISI. The production from the beginning of 2007 until the end of November 2007 was 1.211 million tons, an increase of 7.7% over 2006's total. China produced 39.7 million tons in November, an increase of 4.3% over 2006, and India showed an increase of 7.8% for the month with 4.6 million tons of steel.

In the "Global Iron & Steel Production to 2011" report, MEPS International Limited (Sheffield, United Kingdom) forecasts world steel demand to reach more than 1.45 billion tons in 2011, representing a 320 million ton-per-annum rise in output over 2006. For the 10 years from 2001, the increase is forecast at 680 million tons, representing a giant 88% increase. At the same time, MEPS predicts a slowdown in the rate of steel production growth toward the end of the current decade.

Finished steel consumption is expected to show an increase of 7.1% globally in 2007 with a further 21% increase over the period to 2011. In the period from 2006 to 2011, Asia will consume 66% of the extra world steel output, and other emerging nations will make significant consumption gains. Countries in the Commonwealth of Independent States, such as Russia, will show a consumption growth of up to 20%. Africa and the Middle East are forecast for a 50% rise, and China's consumption is expected to grow 40%. For Asia (excluding China and Japan) the consumption rise will be near 30%.

Demonstrating the global shift in industrial production priorities, the steel consumption growth rate in the mature economies of the industrialized nations will moderate and drop. In 2000, these countries consumed nearly 50% of the global total. By 2006 this figure had dropped to about 33%. MEPS anticipates the total share of consumption for the mature economies falling to 27% of the world total in 2011.

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