Global demand for steel has increased significantly over the past several years due to strong economies and Asian demand.
Steel demand is expected to reach 1.1 billion tons in 2007, up from 972 million tons in 2004. Demand for the raw materials used in steel-making (including vanadium) will
continue to increase.
Over the past four years steel prices have increased as steel consumption in China and Asian countries has reached at an all-time high. Raw steel usage in China was up 22%
in 2004 from the prior year, with Russia and other industrial countries experiencing growth as well.
