Steel demand forecast to hit new record

Global steel demand is expected to reach record highs next year – surging above levels before the global downturn took its toll.

The World Steel Association predicts world demand will jump 5.3 per cent in 2011 to reach 1.34bn tonnes.

The last time it was that high was the first half of 2008.

It said China was fuelling the demand, but that Europe was also consuming high volumes of stee

Meanwhile in 2010, steel demand is likely to rise by 13.1 per cent to 1.27bn tonnes, the association said.