Chinese and Indian Steel Industries Booming

Metal steel surface. Image Source: Public Domain.

A recent press release appearing in the Wall Street Journal suggests that steel production in China and India is expected to hit record demand in 2012.  According to the press release:

“China’s steel industry is among the world’s largest industries and is the fastest growing in the world,” with consumer demand growing each year.  Last year, the country was responsible for 46.7% of global steel production.  It is expected that China will produce a staggering 2 million tons of steel per day in 2012.

According the release India is quickly becoming the third-largest producer of steel in the world.  The country’s steel ministry has set a target of 124 production capacity by 2010 – a 15% overall increase.  India’s growth in the steel sector has been steady, due to increasing government support and consumer demand.  In the early 1990s, a series of economic policies were introduced in the country by the Indian government, paving the way for the development of a variety of industries, steel being among them.

A supplemental report by the Wall Street Journal argues that it’s difficult to tell exactly how much steel China is producing, due to a flawed statistics system making it difficult to determine the exact amount of steel that China produces and consumes.  At any rate, steel is a huge industry in China and around the world.  As demand for automobiles, airplanes and more environmentally-friendly buildings rise, steel production will continue to climb.

Here in Canada the steel industry is responsible for $2 billion in capital investment since 2005, $14 billion in sales last year and $7 billion in exports.  Canadian steel comprised of more than 50% recyclable materials, and it is one of the most recyclable materials in the world, with over 7.7 metric tons of the product being recycled in 2008.   According to the Canadian Steel Association, The average Canadian owns over 2,000 pounds of steel products.

Click here to learn more about the Canadian steel industry.

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