Author: Paul Ploumis02 Jan 2015 Last updated at 00:24:53 GMT
SEATTLE (Scrap Monster): The latest report published by the International Organization of Economic Cooperation and Development (OECD) forecasts worldwide crude steel production to hit 2.36 billion tons in 2017. This is 9.2% higher when compared with the output during 2013. The global crude steel output had totaled 2.165 billion tons in 2013. As per OECD statistics, the crude steel output will increase by nearly 200 million tons during the four-year period.
The highest rise in output will be seen in South America. The region’s crude steel output is likely to go higher by 10.6% from 69.98 million tons in 2013 to 77.4 million tons in 2017. Asian crude steel production too will post double digit growth during the period, rising by 10.1% to 1.55 billion tons in 2017. The CIS region will register 5.5% growth with output totaling 155 million tons. Also, the North American crude steel production is likely to grow 3.7% to touch 164 million tons.
Meanwhile, the latest figures released by the World Steel Association suggests that global crude steel production by 65 producing countries that accounted for nearly 98% of the output totaled 1.498 billion tons during the initial eleven-month period in 2014, 1.8% higher when compared with the previous year.
According to worldsteel figures, South American region recorded a decline of 1.6% during January to November this year when matched with 2013. However, Asian output climbed higher by 2.2%. The output by the CIS region dropped by 2.3%, whereas those by North America inched higher by 2.2%.
