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Global Stainless Steel Production Recovers in First Quarter
Jul. 3, 2008
Global stainless steel production reached 7.4 million tonnes in the first quarter of 2008, according to preliminary figures just released by the International Stainless Steel Forum (ISSF).
The figures show that stainless steel production increased by 6.5% compared to the last quarter of 2007. However, international stainless production has decreased by some 3% as compared to the first quarter of 2007. It should be noted that the 7.589 million tonnes of stainless steel produced in that quarter (first quarter of 2007) was the highest figure ISSF has recorded for a single three-month period.
According to ISSF, all regions increased production compared to the last quarter of 2007. The Asia region showed the lowest growth rate (3.6%) while The Americas region (comprising both North and South America) led the way with growth of 13.4%. Western Europe/Africa (9.8%) and Eastern Europe (9.7%) both contributed to the recovery, as well.
Asia is still the largest stainless steel producing region with production of 4.2 million tonnes in the first quarter of this year.