Steel production dropped in 2008 after six-year surge
Global steel output fell last year after climbing for six years, as demand by car makers and construction dropped amid recessions in the U.S. and Europe, the World Steel Association said Thursday.
Steel production dropped 1.2 percent from a record high in 2007 and tumbled nearly a quarter in December from the same month in the previous year, said the group.
The downturn comes after steel makers built up massive stocks, expecting that demand from emerging economies would surge. Many of them, including the world's largest, ArcelorMittal, are now laying off workers and trimming steel output, according to a Jan. 22 AP report in the Chicago Tribune.