MEPS predicts that reported global steel output will be almost 1.6 billion tonnes this year. Production cuts in most regions of the world will be more than offset by strong activity in China.

We believe that steelmaking in the EU will decline in 2013. Our estimate, at 163 million tonnes, represents a reduction of 3.3 percent, year-on-year.

Crude steel output, in the CIS and Other Europe, is projected to be just above 147 million tonnes this year - a decline of 2.6 percent from the 2012 level.

Steelmaking in North America is expected to move below 120 million tonnes in 2013. This 3.1 percent decrease will be the result of reduced outturn in all the three NAFTA members.

Our prognosis for the outturn of crude steel in South America this year is 46.2 million tonnes - relatively unchanged from the 2012 level.

Steel manufacturing in Africa is forecast to slip this year to 15.2 million tonnes. This equates to a decline of 0.9 percent, compared with 2012.

Another record steel output figure is forecast for 2013 in the Middle East. At 26.9 million tonnes, this will be the fifteenth consecutive annual rise in production.

Reported Asian steel manufacturing should be approximately 1.07 billion tonnes in 2013. This equates to an increase of 5.9 percent, year-on-year.