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IISI Raises Forecast for Global Steel Use to 6.8% in 2007, 2008

IISI Raises Forecast for Global Steel Use to 6.8% in 2007, 2008

10 October 2008

According to the International Iron & Steel Institute (IISI), 2007 and 2008 will be two more strong years for the global steel industry, with use set to rise 6.8% to 1,197.6 mln mt in 2007 and a further 6.8% in 2008. The IISI’s forecast reflects an upward revision of 0.9 and 0.7 pp from its March forecast. Growth in steel use in 2006 was 8.8%, according to the IISI. BRIC countries, which accounted for 41% of 2006’s increase will be the growth leaders, boosting demand 12.8% in 2007 and 11.1% in 2008. Look for all of Ukraine’s major steel producers, Azovstal (AZST: BUY), Arcelor Mittal Kryviy Rih (KSTL: U/R), Alchevsk Iron & Steel (ALMK: U/R) Enakievo Steel (ENMZ: U/R) to enjoy another strong year of export prices and show increased transparency as their holding companies continue restructuing in order to improve their ability to attract international financing. Additionally as preparations for EURO-2012 shift into high gear, the local market will place greater demand on local steelmakers.

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