China to drive steel demand growth in ’10: CMC

Dec 22, 2009 | 10:46 AM |

China will be a catalyst for global steel demand and pricing next year, based on a projected 9- to 10-percent growth in gross domestic product (GDP) and an infrastructure stimulus program expected to last two years, according to Commercial Metals Co.'s (CMC's) top executive.

Murray R. McClean, chairman, president and chief executive officer of Irving, Texas-based CMC, which has mills in Eastern Europe and international trading operations in steel and scrap, said China's needs will most likely "exert upward pressure on both iron ore and scrap prices. The rest of Asia should follow China with anticipation of strong demand for scrap, and billet export opportunities to the region."....

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