Financial crisis sinks global steel output

Dec 18, 2008 | 07:27 AM | Scott Robertson

A sharp decline in steel orders emanating in part from the global financial crisis sent world steel production into a steep decline in November, according to the World Steel Association, Brussels.

WorldSteel pegged global steel output by the 66 countries providing statistics at a little more than 89 million tonnes, down about 19 percent from 109.9 million tonnes in November 2007.

Production in the first 11 months of the year totaled a little more than 1.22 billion tonnes, up about 0.9 percent from slightly more than 1.21 billion tonnes in the same period last year.

November's production decline reflects steps being taken by steel producers worldwide to try to match output levels with weakening industry demand. Producers have been scaling back production since September, in some cases lengthening maintenance outages and subsequently laying off workers as part of their cutback plans.....