Global steel & iron industries forecast to grow at 5-6%

Worldwide steel and iron industries are recovering the financial recession at rapid pace that is higher than the indexes forecast earlier. However it is notable that the recovery has been uneven and the growth of the total world demand for steel pulled up this year. The key share in the consumption expansion belongs to the emerging economies, India and China in particular, while the demand for both iron and steel in the developed countries is characterised as lacklustre.

Global urbanisation and industrialisation move and vast infrastructure investments stand out as major driving forces for the steel and iron markets. These industries are expected to retain the growth tempo of approximately 5-6% a year. Simultaneous growth of prices for the steel raw materials is also forecast though, which adds up to such challenges of the steel industry as underdeveloped financial systems of the emerging economies, rising oil and gas prices, unstable geopolitical stand of the Middle East.