Our forecast for global stainless steel production in 2005 is 25.3 million tonnes. This represents an increase of 3.7 percent, year on year, and is below the long term average for the industry. It still remains very clear that most of the growth will occur in the developing nations of the world. Production in the industrialised countries is stagnating. China remains the power house for stainless demand. New capacity is being installed at a rapid pace to meet expanding requirements. However, the government has recognised that current output increases are not sustainable.
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