Shift in steel production

Steel output in the European Union will decline in 2005, while Chinese producers will ramp up production, consultancy MEPS has claimed.
EU mills will reduce output by 1.5m tonnes to 192m tonnes
as customers and stockholders keep large reserves, which will give producers time to renovate plant.
MEPS predicts a 17% growth in Chinese output to 315m tonnes as recently installed equipment is brought up to full capacity.
Overall, MEPS predicts a world growth in steelmaking of approximately 4.5% (half that of 2004) at 1,100m tonnes.