NEW YORK ( TheStreet) -- Global crude steel production increased 5% year-over-year to 127 million metric tons in April 2011, the World Steel Association (WSA) reports. Among major steel producing countries, South Korea recorded the highest growth of 15.9%, while India and China followed at 8.6% and 7.1%, respectively.
Meanwhile, April crude steel production increased in the U.S. by 2.1% year-over-year. Furthermore, the WSA reports that global crude steel capacity utilization ratio was 82.8%, up 0.9 percentage points from March 2011.
With China's steel production touching a record 2 million tons per day, the country's steel demand is expected to escalate by an average 10% over the next few years. China Iron and Steel Association expects domestic demand for crude steel to range between 670 million and 750 million metric tons by 2015.
Moreover, China and India are likely to witness stronger steel production and consumption growth in 2012, based on rapidly growing economies. India's steel consumption is projected to increase by 14% and 15% in 2011 and 2012, respectively.At a recent Bureau of International Recycling (BIR) World Recycling Congress, it was noted that steel and ferrous scrap industries are stable and healthy. Blake Kelley of Sims Group Global Trade Corporation said that world steelmakers are on track to produce 1.54 billion tons of steel in 2011, up 111 million tons from 2010 levels.
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