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November 2004

IISI Issues Short Range Outlook for Steel Consumption in 2005

Brussels, Belgium - The International Iron and Steel Institute (IISI) has issued its short-range outlook for the apparent consumption of finished steel products in 2005. The outlook is in two parts: Global Economic Outlook and the Global Steel Outlook.

Global Economic Outlook
The world’s economy is growing at its fastest pace in 15 years. Growth has been stimulated by the upswing in Asia and the U.S. IISI expects the world economy to expand by 4.7% in 2004 and 3.4% in 2005. However, a serious rise in the price of oil and commodities could dampen projected economic growth.

Global Steel Outlook
China continues to lead global steel growth with both production and consumption rising. However, the tightening measures implemented by the government are aimed at moderating this growth.

The Japanese economy is moving into a growth path. Steel demand is expected to grow in Japan by 4.5% in 2004. Demand is also strong in the U.S. European steel markets are also showing signs of improvement.

IISI expects steel consumption (per capita) in Latin America to increase by 6.4% in 2004, thus recovering to the peak achieved in the 1980s. The growth in this region has been led by Argentina and Brazil.

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