The British steel tracking and analysis firm MEPS is forecasting a new record high output in 2010 for the global steel industry. The biggest reason for the bullish prediction is that "Chinese steel production and demand is likely to continue its inexorable rise." Steel output in 2010 is predicted by MEPS at 1.35 billion tons. This represents an 11.1% increase from 2009, which in turn was 8.4% below the figure recorded in 2008.
MEPS also believes Indian steel manufacturing will reach an “all-time high”
this year, after another peak in the previous 12 months. New record steel
production rates are also likely to be set in several other countries,
including Turkey and several Middle Eastern countries.