Report: World Steel Demand to Rise Nearly 3 Percent in 2013

Report: World Steel Demand to Rise Nearly 3 Percent in 2013

Global apparent steel use will rise 2.9 percent to 1,454 metric tons in 2013, following an increase of 1.2 percent in 2012, according to the World Steel Association’s Short Range Outlook report for 2013 and 2014.

In 2014, the report predicted that world steel demand will improve another 3.2 percent, reaching 1,500 metric tons.

“2012 was a challenging year for the steel industry with apparent steel use increasing at the slowest rate since 2009 when demand declined by 6.5 percent,” said Hans Jürgen Kerkhoff, chairman of the worldsteel Economics Committee, in a written statement. “This was mainly due to the eurozone crisis which persisted throughout 2012 and whose impact was felt further afield.”

“However, in the early part of 2013, the key risks to the global economy — the eurozone crisis, a hard landing for the Chinese economy and the U.S. fiscal cliff issue — have all stabilized considerably and we now expect a recovery in global steel demand to kick in by the second half, led by the emerging economies,” Kerkhoff continued. “In 2014, we expect a further pickup in global steel demand with the developed economies increasingly contributing to growth.”