Global steel consumption will continue to rise this year and into 2015. The World Steel Association released the results of its Short Term Outlook and forecast the current year will see 3.15% overall increase in steel consumption worldwide, or 1.527 billion metric tons, following a 3.6% increase for 2013. The Outlook then anticipates global steel consumption rising 3.3% in 2015, to a forecast total of 1.576 billion metric tons. While the U.S. and EU are nearing financial recovery, steel consumption rates will slow in emerging and developing economies due to structural issues and financial market volatility. This is the reason for a slightly lower global growth rate forecast for 2014.
“In 2013, world steel demand grew higher than our previous forecasts due to a stronger than expected performance in the developed world in the second half of the year” according to the chairman of World Steel Economics Committee, Hans Jürgen Kerkhoff. In particular, the recovery in the United States gained strength. In addition the downturn in the EU bottomed out and now it is expected that steel demand in the Eurozone will move into positive growth in 2014.
The Brussels-based World Steel Assn. represents 170 steelmakers in 65 nations, whose output comprises about 85% of global steel production. In addition to maintaining economic data and forecasts, the Association conducts programs to promote steel use, refine production technology, industrial safety and health, and sustainable development.
The Short Term Outlook includes targeted forecasts for various regional steel markets, including China specifically and the Asia in general; the U.S. and NAFTA; the European Union, and others.