World steel consumption to grow by 2 per cent in 2002
By A Business Correspondent
The International Iron and Steel Institute (IISI) has recently estimated that world steel consumption would increase by 2 per cent to 783.6 million tonnes in the year 2002. The increase in world steel consumption during 2001 was just 1 per cent. Further, the institute estimates the steel consumption to grow by 3.5 per cent in 2003 to 810.7 million tonnes. All these projections are based on the assumption that the world economy would grow by 1.5 per cent in 2002 and 3.4 per cent in 2003.
A major boost to steel consumption, during 2002, is expected to come from China, which is likely to see a growth of 7 per cent. With Japan yet to recover fully from recession, not much growth in steel consumption is expected from the rest of Asia. Steel consumption in Europe as a whole is expected to remain at the same level as in the previous year though it may decline slightly in the EU. Consumption in the rest of the world is not likely to change substantially during the year. In the NAFTA region, steel consumption is likely to fall far below the 2000 figure.
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