After enjoying sturdy growth for most of the past decade, the steel
industry suffered a setback in 2008 due to the recession, as consumers
started utilizing existing inventories rather than buying new stock.
However, the industry turned around in late 2009 and continued to grow
thereafter, in tandem with global economic recovery.
Demand for steel benefited from the spurt of growth witnessed in the
developing economies that helped counter the sluggishness in developed
economies. Asia -- particularly China -- continued to act as the
principal growth driver. (more)
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