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China's steel demand in 2009 may surpass 2008

By Li Xiaokun and Wang Bo (chinadaily.com.cn)
Updated: 2009-07-04 21:19

Despite the protracted financial crisis, China's demand for steel this year is likely to be larger than that of 2008, which could help shore up the global demand, Roland Verstappen, vice president of global steel giant ArcelorMittal said on the sidelines of the Global Think Tank Summit on Saturday in Beijing.

Verstappen's forecast is in stark contrast to an earlier estimate by China Iron and Steel Association, which predicted China’s steel production will fall from 2008’s 500 million tons to 460 million this year.

The global demand is likely to shrink 10 to 15 percent this year, Roland said.