UNITED STATES July 25 2014 8:27 AM
SHANGHAI (Scrap Register): MEPS International expected Chinese production likely to drive global crude steel output to a new record high this year.
According to MEPS, global crude steel output is forecast at 1655 million tons this year. This equates to a rise of 2.7 percent over the previous all-time high figure in 2013. China will continue to be the main driver for expansion, despite a deceleration in growth.
Most regions saw their production fall last year. In 2014, noticeable gains are predicted in the EU and South Korea. Only marginally increases are envisaged in Other Europe, CIS and the Americas.
Output rises in India are projected to be below the country's vast potential. Solid expansion will continue in the Middle East, although the region's share of global growth is expected to be just 3.4 percent, MEPS added.