International Steel Association: European steel demand will rebound by 20% in 2010

The International Steel Association stated on March 8 that with the recovery of the global economy, European steel demand in 2010 will rebound by 20%, but a large number of businesses will be irrevocably handed over to emerging countries that thrive.
International Steel Association Secretary-General Ian Christmas said that the outlook for the global steel industry is increasingly clear. The association plans to increase its global steel demand growth this year from 9% to 10%.
“The global steel industry is moving in a good direction, but we still need to be cautious about recovering.” Ian Christmas told reporters: “After experiencing a huge loss last year, with the recovery of the main European economy, this year’s western old industrial countries Steel demand will likely achieve double-digit growth, of which Germany will increase by 27% and France will increase by 30%."
However, he added that last year's global economic crisis caused irreparable damage to the steel industry in developed countries. “Europe has lost part of its business forever, but at the same time, the developing countries are booming. Therefore, we will see a permanent shift in the development of the global steel industry.”
Secretary-General Ian Christmas also believes that the “BRICs” will account for 60% of global steel demand this year, up from 58% in 2009 and 50% in 2008. The global steel demand in 2010 will return to the level of 2008, but the recovery pace of the old industrialized countries in Europe will be relatively slow and will only return to the level of 2007.
Secretary-General Ian Christmas finally added that the resumption of production of blast furnaces in European countries marked the restoration of confidence in the development of the region. However, there are many worries in the industry that there are signs of excess surpluses in the current capacity recovery.

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