The World Steel Association says that global crude steel production in February was down 3.3 percent from a year ago. The largest producer, China, cut output by 4 percent. The European Union, like Russia, showed a sharp decline, but the output of some countries is off scale.
Indian steelmakers should be happy that the government is planning a revival package for the sector, and import protection measures ensured that Indian production rose 1.8 percent in February. South Korea can also enjoy the increase, where in February it grew by 5 percent and produced 5.3 million tons.
Tough times for the sector around the world, including weak demand and overcapacity, have impacted prices. But experts suggest that some good changes could come for steel companies after a very long winter. Data over the next few months will show if steel prices can recover.
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