A report from Industrial Info Resources has shown German steel federation Wirtschaftsvereinigung Stahl (WV Stahl) has forecasted that annual crude steel output will be lower by 1.5 million tonnes.

The predictions are based on a poor economic climate and weakening investment in steel-using sectors, like the automotive industry. The industry group had originally forecast 2012 steel output of about 44 million tonnes.

The 2012 forecast of 42.5 million tonnes for Europes largest steel-producing nation is down about 5.0 percent when compared to the 44.3 million tonnes of crude steel produced in 2011.

The worlds largest steelmaker, ArcelorMittal (Luxembourg), has also lowered its forecast for global apparent steel demand. It expects an increase of 3.5 percent to 4.0 percent this year, down from 4.0 percent to 4.5 percent.

To read the full report go to: www.industrialinfo.com