Global Economic Analysis: Worldwide Crude Steel Production Up 5.5 Percent In 2017
- According to American Metal Market (subscription required), world crude steel production increased 5.51 percent to 1.67 billion tons in 2017. Production increased in Europe, North America, and Asia, with China leading the way. Chinese crude steel production rose 5.7 percent to 831.73 tons in 2017. Japan was the world’s second-largest producer.
- AMM also reported last week that crude steel production increased seven percent in Latin American countries last year.
- The International Monetary Fund (IMF) announced last week that it expects the global economy to expand 3.9 percent in 2018 and 2019. That figure would be an improvement from 2017’s estimated rate of 3.7 percent. According to the IMF, “120 countries, representing three-quarters of world economic output, enjoyed economic growth in 2017, creating the broadest global expansion in seven years.” The IMF noted, “World trade is expanding, and consumers are more confident.” The IMF expects the U.S. economy to expand 2.7 percent this year, up from its previous prediction of 2.3 percent, and the Canadian economy to grow 2.3 percent. The Chinese economy is expected to expand 6.6 percent in 2018, up from 6.5 percent in 2017.