Global steel demand is forecast to grow at a lower rate this year, and reduce the profitability of steelmaking companies — because of a continuing economic slowdown in China, the world’s biggest buyer of the metal.
On Monday, The World Steel Association, the industry’s main international body, said it expected global steel demand to be largely flat in 2015, at about 1.54bn tonnes. Demand growth will then increase slightly next year, to 1.4 per cent.
“We are releasing a restrained growth outlook for the global steel industry mainly due to the deceleration in China,” said Hans Jürgen Kerkhoff, chairman of WSA’s economics committee.
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