The global market will grow steadily by 3.5% per year - Meps

The British analytical agency Meps (International) LTD believes that global production of steel products will continue to grow despite the gloomy short -term prospects.

World production steel in 2011 amounted to 1 billion 554 million tons. This means that for each resident of our planet there were 221 kg of raw steel. At the beginning of the current millennium, this figure was 150 kg, and already in 2016, world production of steel per capita at 230 kg is expected, MPS analysts report.

Such statistics clearly indicate a constantly increasing need for steel products for the development of the global economy for the next decade. Steel and metal rolling are the main material that is used in the construction of housing and infrastructure in all countries of the world and, especially in developing countries.

Most of the growth of the world economy in the next few years is expected from developing countries and transition economies. The situation in high income countries today looks less encouraging. The consequences of a banking crisis and a rigid monetary policy will limit the growth rate in these countries in the medium term, emphasize MPS.

Meps analysts predict raw steel production in 2012 at 1 billion 595 million tons, which is more than 2.6% than in the past, 2011. Sustainable growth in production and consumption has been expected until 2016. By that time, the worldwide smelting began to reach 1 billion 850 million tons, maintaining growth rates within 3.5% per year.

When compiling forecasts, MPS analysts have made adjusting the high, in their opinion, official Chinese steel production statistics.