The global steel industry is expected to edge back into growth this year in spite of waning Chinese demand, at a time when low prices for the metal are casting a shadow over producers.
World production of crude steel will rise by 0.15 per cent in 2016, according to a Financial Times survey of 18 analysts, with renewed expansion in the US and Europe offsetting a second consecutive year of contraction in China, which makes nearly half of all steel.
Any pick-up in a sector viewed as an indicator of global economic health will come after a difficult year that saw the first annual production decline since 2009. Output shrank by 2.8 per cent in 2015, according to the World Steel Association.
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