Zacks.com submits:
According to the data released by World Steel Association (Worldsteel), global crude steel production for the 66 countries reporting to Worldsteel improved 24.2% year over year to 107.5 million tons in November 2009. Crude steel production has been showing a positive growth rate since September 2008. Total crude steel production in the 66 reporting countries for the first 11 months of 2009 was 1,090 million tons, a decrease of 10.8% from the same period of 2008.
Steel production had peaked in July this year on the back of a moderate rise in demand and the resumption of idled facilities by producers. Crude steel production in China, the largest producer and consumer of crude steel, was 47.3 million tons in November 2009, up 37.4% from November 2008. Russia’s crude steel production for the month expanded 42.6% to 5.3 million tons. Ukraine produced 2.7 million tons in November 2009, 67.1% higher than in the same month last year. Turkey produced 2.1 million tons of crude steel in November 2009, a 67.1% increase year over year.