Iron ore assumes greater importance as feed stock for manufacturing the most versatile material in steel. With slow down in global steel production due to global financial crunch in 2008, demand of iron ore also dropped resulting in bringing down the international price of iron ore. The industry is in reviving state and so is the iron ore industry. Global steel production registered a growth of 8 % CAGR from 2001 to 2007 to reach the level of 1344 Mt. It witnessed a reduction for the first time in past decade in 2008 by 1% to 1330 Mt from 1344 Mt of 2007 level. China, India and Middle East registered a positive growth even under the backdrop of economic slowdown. While China produced 502 Mt of steel in 2008, Indian steel production was around 55 Mt during the same period. China and India are maintaining positive trend even though there is recession elsewhere. The Worldsteel has forecasted that during 2009 the world steel production is likely to drop by 8.6%.
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