• World Q1steel production drops

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    PARIS: Global steel production fell in the first three months of the year, with significant drops seen in China, the EU and the Americas, an industry group said on Wednesday (Thursday in Manila).

    Worldwide crude steel output fell 3.6 percent in the first quarter from the same period a year earlier, the World Steel Association, or worldsteel, said in a statement, taking production to 385.7 million tons.

    Production in China, the world’s biggest producer and consumer of steel, fell 3.2 percent in the period.

    EU output dropped 7.0 percent overall, with UK production plunging nearly 39 percent.

    US steel output declined 1.3 percent, but rises in other North American countries limited
    the region’s decline to 1.1 percent.
    South American output plunged 14.1 percent.

    The 66 countries included in the survey represent around 99 percent of world steel production, worldsteel said.

    The organization said last week that a recovery in steel demand is unlikely before next year, owing to a slowdown in the Chinese economy and weakness in manufacturing.

    China on Monday rebutted accusations that its cheap steel exports were causing plant closures and job losses across the globe.
    AFP

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