Steel is an amalgamation which is prepared by the process of alloying that merges iron and small percentage of other elements. The most used among elements is carbon. With the growing demand of steel, there are rising trends of steel consumption globally. Australia’s Bureau of Resources and Energy Economics suggests steel consumption & production trends for the year 2013.The financial drive in China and India has triggered an enormous surge in the demand for steel in current century. Within financial year 2000 and 2005, global steel requirement augmented by six percent. The steel manufacturing is frequently reflected as a pointer of economic development. It is because of the reason that steel in essential part in domestic development. Global steel usage will rise nearby four percent to 1.55 billion tons in 2013, as per latest report ‘Resources and Energy Quarterly’ by Australia’s Bureau of Resources and Energy Economics (BREE).
The need in China is estimated to augment by four percent to yield a sum of 668 Mt. China’s expanding needs is due to erection of government-sponsored infrastructure developments. These developments are projected to raise steel consumption in the coming part of 2013. Requirement of steel products in India for developments is predictable to grow locally; steel requirement in India will grow by seven percent in 2013. However EU steel consumption is probable to continue mostly unaffected as compare to the preceding years of 2011 and 2012.
The consumption and demand of steel is relied on the amount of construction activity that is taking place globally and domestically, since structural material is the key unit utilized in columns and bars. Steels are utilized extensively in the erection of transportation ways, railways, additional development projects, machines, and structures. Greatest big contemporary constructions, for example stadiums and towers, passages, and airfields, are reinforced by a steel carcass. Additional public uses comprise ship making, tube conveyance, mining, offshore erection, weighty tools for example excavators, apparatuses etc.
Numerous Chinese and Indian iron alloy industries have grown to distinction like Shanghai Baosteel Group Corporation China, Jiangu Shagang Group and Tata Steel India. Tata Steel of India gave birth to Corus Group in 2007. ArcelorMittal is still the global giant in steel making. The British Geological Survey affirmed that China was the leading steel manufacturer with around 1/3rd of the world share in 2005. Steel started to be exchanged in 2008 as a monetary product on the London Metal Exchange. Other leading steel producing companies are Hebei Iron and Steel China, POSCO South Korea, Wuhan Iron and Steel China, Nippon Steel Japan, Shougang China, and JFE Japan.