Metal Products News
- Steel output to surpass forecasts: CVRD
Date: 6-Jun-2007 Sources: (Shenzhen Daily)
STEEL output in China is likely to far exceed forecasts this year, driving up demand for key raw materials like iron ore, a senior executive at Brazilian mining company CVRD said yesterday.
'The fact is that steel production is going to surpass by far our initial forecast of 12 to 13 percent growth (over 2006),'said Fabio Barbosa, CVRD's chief financial officer. 'Growth should be closer to 20 percent?CVRD had estimated Chinese steel production would rise to 470 million tons in 2007 from 417 million tons last year. The company now expects China to produce more than 500 million tons of steel this year, Barbosa said.
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