China fuels world steel output to climb 1.7%
Source: www.chinamining.org Citation: AFP Date: August 22, 2014
GLOBAL steel production rose 1.7 percent in July over 12 months, driven mainly by growth in Chinese output, the World Steel Association said yesterday.
Steel is used in most industrial processes and is an important indicator of economic activity.
The latest data showed that steel output reached 136.8 million tons last month.
Production rose by 1.5 percent in China which accounts for half of all steel made worldwide.
Ukraine, which has seen several months of intense fighting between pro-Russian rebels and government troops in its restive eastern region, posted a net loss in production, down 11.7 percent to 2.5 million tons.
Most of the steel produced in Ukraine is made in the east of the country which is the focus of unrest by pro-Russia separatists.
Output by Russia rose by 8.1 percent to 6.2 million tons.
Production was stable in Japan at 9.3 million tons but grew 1.5 percent in South Korea to 68.3 million tons and India`s output grew 1.7 percent to 7 million tons.
Output fell 2 percent across the European Union to 13.3 million tons, although Germany`s production rose 1.5 percent to 3.4 million tons and France`s also increased 1.6 percent to 1.4 million tons.
Italy`s annual production fell 3.6 percent to 2 million tons.
The United States saw an increase in steel production, growing 2.3 percent to 7.6 million tons.
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