According to the World Steel Association, global steel demand will decrease 14.9% in 2009. This is in addition to the drop in output and profits currently plaguing the steel sector. In 1997, the last time demand for steel declined, demand fell 2.7%. The last double-digit decline was in 1945. Global steel production and consumption is expected to decrease from 1.2 billion tons in 2008 to 1 billion tons this year. The US and the EU will experience declines of over 36% and nearly 30% in steel demand, respectively. The only major county to experience a rise in demand will be India, which will experience a 1.7% increase. Demand is expected to slightly increase in 2010.

Source: Financial Times

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