The World Steel Association said Monday that steel consumption in the industrialized world won't be as weak as it thought. The global recovery is stronger than the group has predicted in April.
The trade group said it now believes that global steel use will decline by 8.6% in 2009 compared with a year ago. Back in April, the association had predicted a 14.5% drop.
The group also predicted that worldwide demand for steel will grow by 9.2% in 2010, which would put the globe's steel consumption back on equal footing with 2008 levels.
China once again was cited as the driver. China's demand for steel will likely grow by 19% in 2009 and 5% in 2010.
Recovery in North America will come more slowly, according to the report, with a demand decline of 35.8% in 2009 before a rebound of 17% in 2010.
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