Even with the global steel sector crisis that prompted plant closures and job losses this past year, demand for global steel is set to grow in 2017, according to Crownia Holdings Ltd. (TSXV: CNH.V), a Chinese company that is a global specialty steel trader and distributor.
The global steel sector is expected to grow 0.5 percent to 1.510 billion tonnes by 2017, said Phillip Sugarman, Crownia’s vice president of media relations.
He said China produces and consumes about half of the world’s steel, with an estimated overcapacity of 300 million tonnes. The World Steel Association is expecting a better outlook for China in terms of global steel demand. For a sixth straight month, China’s crude steel output is on track to beat last year’s record of 112 million tonnes.
Crownia Holdings is focused on providing integrating specialty steel product suppliers the most suitable products to customers in international markets. The specialty steel includes plates, bar steel, strip steel , wire steel, and tube steel. Crownia Holdings has supplied steel to numerous industries such as in construction, oil and gas, electronics, aviation and aerospace, pharmaceutical, and the machinery and equipment industry.