Global steel output surges 29pc

Global steel production surged 29 percent in May from the level in May 2009, as output exceeded levels before the economic crisis depressed demand, the World Steel Association said on Monday.
The 66 countries belonging to the trade body saw production reach 124 million metric tons in May, up from 96 million in May 2009 as the world economy was just beginning to emerge from crisis.
China's booming economy accounted for the bulk of the output, churning out 56 million tonnes of steel, up 20.7 percent over 12 months.
Meanwhile, Japan, the second-biggest producer with 9.7 million tons, saw its production surge by 50 percent while US output rebounded 73.8 percent to 7.2 million tons.
German steelmills saw an even more dramatic comeback with their output jumping 78.7 percent to 4.1 million tons.
The global economic crisis that started in the second half of 2007 hit demand for steel products hard as shell-shocked consumers cut back spending on new cars and new construction collapsed in the face of a credit crunch.