The World Steel Association (worldsteel) released its April 2011 short range outlook (SRO) for 2011 and 2012. worldsteel forecasts that apparent steel use will increase by 5.9% to 1 359 mmt in 2011, following 13.2% growth in 2010. In 2012, it is forecast that world steel demand will grow further by 6.0% to reach a new record of 1 441 mmt. This forecast suggests that by 2012, steel use in the developed world will still be at 14% below the 2007 level whereas in the emerging and developing economies, it will be 38% above. In 2012, the emerging and developing economies will account for 72% of world steel demand in contrast to 61% in 2007.
Source: Stahleisen GmbH