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Brazil Property News: Brazil's steel consumption to soar, says expert
19th May 2008 07:00
Steel consumption in Brazil will grow 7.7 per cent a year, one industry body has said.
The Brazilian Steel Institute (IBS) has predicted the Latin American nation's use of steel should rise to 40 million tonnes per year by 2015 – showing growth of almost double the average forecasted amount for global demand.
People considering buying property in Brazil could be interested to hear the news, which suggests there is to be a boom in the amount of real estate built in the Latin American nation.
Brazilian markets currently use about 22 million tonnes of steel a year but the estimates are based on new forecasts for growth of the country's Gross Domestic Product taking into account investment to be made in the economy, reports ABNA.
It added the country's steel production should also grow as IBS forecasts that it could reach 63 million tonnes by 2013, though last year it stood at 41 million.
Meanwhile, the Brazilian Development Bank provided $330 million (£165 million) in loans for the expansion of Brazilian steelworks company Companhia Siderurgia de Tubarao in 2006.
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