Global steel production passed the 1 billion tonne mark in 2004, the International Iron and Steel Institute has confirmed, while experts have said 2005 should witness continuing growth in global demand for scrap steel.
In an end-of-year report, the International Iron and Steel Institute said world crude steel production stood at 1.05 billion metric tonnes in 2004. This represented an 8.8% increase in production compared to 2003, largely driven by China. Excluding China, the growth on 2003 was 4.5%.
The Chinese were by far the largest steel producers in 2004, producing 272.5 million tonnes, with a 23.2% growth on 2003 production figure. China made a quarter of all the steel produced in the world last year.