Reportedly, the chairman of the OECD Steel Committee pointed out at the OECD's Steel Committee meeting in Paris that the bright outlook for world steel industry has been seen due to the improvement from production level, market demand and transaction, despite of the tough and changing situation in general.

During the past two years, the steel industry has undergone expansion cut, decreasing prices and lower workforce.

Nevertheless, the situation is improving positively thanks to the strong growth from emerging markets especially like China and India.

The chairman stated that global steel demand during the third quarter of 2010 has reached an annualized rate of 1.4 billion tons (6% higher than the pre-recession level during the second quarter of 2008).

Besides, the steel production amounted to about 1,046 million tons during the first nine months of 2010, up by almost 20% compared to the same period in 2009.