Source: Financial Express

 

Despite the sluggish global economy there is one commodity that has seen bumper production. The commodity is steel. As shown in the chart, after facing a lull in 2009, the world steel production has been on a rise since. In 2012 the worldwide crude steel production hit a record high with production hitting 1.55 bn tons. This is despite the tougher markets that steel producers all over the world have been complaining about. Steel prices remained depressed for most part of the year. Steel manufacturers were also hurt by the fall in steel demand as well as higher input prices.