According to the National Bureau of Statistics released the latest data, the first five months this year China's crude steel production reached 296 million tons, an increase of only 2.2%, compared with double-digit growth in the past decade, the momentum of growth fell very obvious.
Iron and steel enterprises face a difficult situation, whether the end of this means that the steel industry "golden years" of rapid development, is about to usher in a time span longer the retarder growth stage.
Throughout the course of development of the world steel industry, by the pull of Europe, the United States and Japan and other developed countries the process of industrialization, the 1950s to the early 1970s, world crude steel production has experienced a rapid development stage. But to the early 1970s, with the developed countries have been completed and the process of industrialization, the crude steel production during this period gradually to reach peak levels, including Japan (crude steel production of 119.3 million tons) in 1973, the United States is also in 1973 (crude steel production of 136.8 million tons).
From then until 2000, crude steel production in developed countries slow down from the peak levels of the world's steel industry has entered a 30-year low growth period, crude steel production increased from close to 600 million tons in 1970 to 2000 8.5 million t, the compound annual growth rate of only 1.2%.
Entering the new century, China's rapid economic rise of the steel industry has entered a 10-year golden period of development, crude steel production increased from 150 million tons in 2001 surged to 680 million tons in 2011, the average annual compound growth rate of 16.3% more than the same period of economic growth. The proportion of China's crude steel production in the world, from 17.8 percent in 2001, quickly rose to 45 percent in 2011, nearly half of world production. At the same time; world crude steel production is a rapid increase from 851 million tons in 2001 to 1.518 billion tons in 2011, the compound annual growth rate of 6.0 percent, much higher than the 1970-2000 average annual growth rate. It can be said that the new century, the rapid development of the decade the world steel industry is mainly driven by the development of China's iron and steel industry.
The past decade the rapid development of China's steel industry it has benefited from China's economic and high double-digit growth stimulating, while in the process of industrialization in China's economy is mainly dependent on investment and exports, including investment accounts for China's GDP rose from 35.3% in 2000 soared to 49.2 percent in 2011. Very significant role in boosting investment in fixed assets of steel consumption, leading to the beginning of the new century of steel market supply is obviously insufficient to rely on imports to meet the entire steel industry is so lucrative.
In promoting the high profits to invest heavily in the construction of iron and steel projects, steel production can be sustained and rapid growth, which eventually led to the current excess production capacity significantly.
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