| Growth
in global steel output will slow this year, with China
accounting for the lion's share of new production as
mills in Europe cut back activity in response to rising
inventories and falling prices, UK ferrous metals consultancy
MEPS said in a report published Wednesday.
MEPS said global output of crude steel is likely
to rise to 1.1-bil mt this year, an increase of around
5% on the 1.54-bil mt produced in 2004, when production
rose 9% on 2003 levels. "Asian steel manufacturers
will be responsible for most of the improvement in
steel making this year. In fact, we expect 90% of
the increase to come from Chinese producers as recently
installed equipment is brought up to full capacity," the
MEPS report said, adding that it expected crude steel
output in the world's fastest-growing large economy
to hit 315-mil mt this year, up from 270.1-mil mt
produced in 2004.
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