OREANDA-NEWS. March 09, 2012. The Ministry of Industry and Information Technology emphasized the importance of product renovation and upgrading by the domestic steel industry in conjunction with its upstream and downstream sectors, with focuses on marketing corrosion resistant steel for oil tankers, cold rolled sheet for home appliances and non oriented silicon steel, as well as boosting the use of lightweight steel.

The ministry forecast domestic steel demand to further weaken in the future with slower recovery in both domestic and overseas economic landscape.

Consumption may fall slightly to 690 million tons this year. Steel output would stay at 730 million tons, up 7 percent year-on-year.