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March 20, 2005
The Chinese Steel Industry: You've Come a Long Way, Baby--in a Very Short Time
According to the International Iron & Steel Institute, world production of steel reached 1.05 billion tons in 2004, the first year in history steel production topped one billion tons.
China’s share of worldwide production in 2004 was roughly 26%, up from 15% in 2000. Its production of 272.5 million tons of steel last year is the highest annual crude steel production ever, according to the IISI.
In the month of December, China produced 26.5 million tons of steel, the highest monthly total ever tallied. (Production for the first two months of 2005 has “moderated” to an average of about 25 million tons.) By contrast, Italy, the tenth largest steel producer in the world and second in the EU only to Germany, produced just over 28 million tons all of last year.
Of the over 200 million ton increase in worldwide production from 2000 to 2004, China accounts for over 145 million tons, or 70% of the increase.
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