Global steel demand will slow this year because of a halving of consumption in China, the world’s biggest market for the metal – hitting the profitability of steelmakers.
Yesterday, the World Steel Association, the industry’s main international body, said it expected global demand to rise 3.1 per cent in 2014 to 1.52bn tonnes – down from 3.6 per cent last year. Demand growth will then increase slightly in 2015, rising 3.3 per cent.
However, some steel companies will generate higher profits, driven by a recovery in developed countries.
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