The need for steel

In 2007, more than 1.3 billion tons of steel were produced worldwide. The steel industry has been enjoying dynamic growth rates for several years. Between 2000 and 2007, global crude steel output expanded by an average of eight percent per year. Despite the slowdown in growth associated with economic conditions in 2008/2009, the industry predicts that long-term annual growth rates of around four percent will be re-established. This means that world steel consumption is still likely to rise to roughly 1.8 billion tons by 2015. The main drivers of this growth will continue to be the BRIC countries (Brazil, Russia, India, China), which are still dynamically expanding their economies and infrastructures.