MEPS reports that official figures for global crude stainless steel production last year was estimated to reach high peak at 32.05 million tons, soaring by 3.1% from the previous record.
Among the traditional stainless steel making regions, only EU and South Korea exceed the 2010 outturn. The production in China has also climbed by 11.1% to 12.5 million tons.
Meanwhile, worldwide stainless steel output is forecast to grow by 5.8% YoY in 2012 to hit a new record of total 33.9 million tons. The output in the EU has expected to increase of 3.9% this year. However, the actual figure might be affected by capacity reductions and consolidation of stainless steel firms