According to the World Steel Association's short range outlook for 2011 and 2012, steel use will increase by 5.9% to 1,359 mmt in 2011, following 13.2% growth in 2010. In 2012, it is forecast that world steel demand will grow further by 6.0% to reach a new record of 1,441 mmt.
This forecast suggests that by 2012, steel use in the developed world will still be 14% below 2007 levels, whereas in the emerging and developing economies, it will be 38% above. In 2012, the emerging and developing economies will account for 72% of world steel demand in contrast to 61% in 2007.
Source: World Steel Association
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