In the first three quarters of this year, global stainless steel production was approximately one percent up on the 2007 outturn. In our September issue we predicted a modest decline in output for the full year. Now we believe that the reduction could be approaching one million tonnes - over 3 percent. Stainless steel making in 2008 is expected to be down in all regions of the world. Consumption has collapsed in recent months. This was due, mainly, to credit difficulties encountered by both end users and distributors. However, the situation was exacerbated by a number of factors.
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