The International Iron and Steel Institute has delayed publication of its annual three-year outlook on global steel production due to changes in the global economy that will require the association to update its economic forecasts, the association said Monday.
The association also said Monday that it has changed its name to the World Steel Association to better reflect its broad reach and purpose. The news follows the appointment of ArcelorMittal's (MT) Chief Executive Lakshmi Mittal to the position of chairman of the steel association for the year ending October 2009.
The body decided to pull their shorter-term forecast because the group based those projections, scheduled for release Monday, on an economic model in August. The changing economic picture of late has rendered that possibly out of date.
"Now, with this market, with the turmoil we're seeing, we felt it was inappropriate" to release the older figures, the association's spokesman Nicholas Walters said.
"On a global basis [this] is a situation which is really unclear," Mittal said at a press briefing ahead of the conference. "Once this financial crisis is behind us, there is much more certainty. This unprecedented situation has caused fuzziness."
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"Possibly out of date"! I think it would be definitely out of date. It's a difficult call at the moment as to how long and how deep the recession will be. Maybe give the the merchant bankers a go at forecasting?