Demand for steel across the globe is expected to decline 0.8% to 1,488 million tonnes in 2016, according to the World Steel Association. The association expects steel demand in China, the largest consumer, to fall 4% in 2016 tailed by a 3% decline in 2017, reaching 626.1 million tonnes in 2017.
The steel industry of China is expected to shrink rapidly, stopping global price fall. The steel industry across the world is fighting the problem of over production as demand weakens in China.
South Korean steelmaker POSCO announced a consolidated net profit, excluding minority interests, of 181 billion won for 2015, down from 626 billion won in the previous year.