The World Steel Association claims it is likely the Indian economy will recover from the recession faster than its global peers.
According to a report by the All Indian Industrial Gas Manufacturers Association (AIIGMA), The World Steel Association believes 2009 will see a 2% growth in India’s steel consumption.
If this is the case, it will be the only major economy to post an increase in a year that is expected to see global consumption of the metal fall by around 15%.
It is anticipated that India, which accounts for around 5% of global steel consumption, will use 53.5m tons of the metal this year; the global consumption of steel in 2009 is expected to be around 1019m tons.
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