Washington DC – The World Steel Association Executive Committee reviewed its original Short Range Forecast issued in April 2008. The Executive recognised that the market is demonstrating rapidly changing circumstances but noted that 2008 will be another year of growth for the steel industry.
Ku-Taek Lee, Chairman of the World Steel Association and Chairman & CEO of POSCO said, “We are in a period of high economic uncertainty. The impact on steel markets is becoming more apparent as we move into the later part of this year. We are currently reviewing our forecasts for 2009, which had been prepared this summer before current events. However, we continue to expect growth in steel demand in 2009 and for the medium term, above the world GDP growth rate.”
Ku-Taek Lee, Chairman of the World Steel Association and Chairman & CEO of POSCO said, “We are in a period of high economic uncertainty. The impact on steel markets is becoming more apparent as we move into the later part of this year. We are currently reviewing our forecasts for 2009, which had been prepared this summer before current events. However, we continue to expect growth in steel demand in 2009 and for the medium term, above the world GDP growth rate.”
Notes to Editors:
On Monday, 6 October the International Iron and Steel Institute (IISI) changed its name to World Steel Association (worldsteel).
The World Steel Association (worldsteel) is one of the largest and most dynamic industry associations in the world. worldsteel represents approximately 180 steel producers (including 18 of the world's 20 largest steel companies), national and regional steel industry associations, and steel research institutes. worldsteel members produce around 85% of the world's steel.
The projections forecast by the worldsteel Economics Committee consider both real and apparent steel use. Apparent steel use reflects the deliveries of steel to the marketplace from the steel producers as well as from importers. These figures, however, may differ from the amount of steel actually being used with the difference being added to, or drawn from, inventories.
The World Steel Association (worldsteel) is one of the largest and most dynamic industry associations in the world. worldsteel represents approximately 180 steel producers (including 18 of the world's 20 largest steel companies), national and regional steel industry associations, and steel research institutes. worldsteel members produce around 85% of the world's steel.
The projections forecast by the worldsteel Economics Committee consider both real and apparent steel use. Apparent steel use reflects the deliveries of steel to the marketplace from the steel producers as well as from importers. These figures, however, may differ from the amount of steel actually being used with the difference being added to, or drawn from, inventories.
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