INDUSTRY OVERVIEW IN 2012

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According to the World Steel Association ("WSA") global steel production grew 1.2% in 2012 to 1,548 megatonnes ("Mt"), with China experiencing growth of 4.7% to 717Mt; global production excluding China shrank by 0.2%. The growth came mainly from Asia and North America while crude steel production in the European Union and South America decreased compared with 2011. Asia's share of world steel production, driven predominantly by China, increased slightly from 64.5% to 65.4% in 2012.