In this context, China stands apart: it was the largest steel purchaser in 2003, importing 28.5 million tons and growing 12% compared to 2002. At the same time, its annual production grew 21.2%, reaching 220 million tons compared to a growth of 6.7% globally.
      The speed of its ascension to become one of the most important steel producing markets due to its increasing supply and demand for steel makes it difficult to measure the actual size of this market and the implications that China will have on the sector throughout the world, including raw material suppliers and steel consuming sectors.
      Another important development was the progress made in the negotiations for a potential agreement through the Organization for Economic Cooperation and Development (OECD) to regulate subsidies within the

steel industry and shut down under-performing plants, to offset social costs, reduce trade imbalances for steel products and remove inefficient capacity.
      The global steel industry continues to undergo consolidation, forming giant groups such as Arcelor, JFE and LMN, among others, as well as strategic alliances among the main players. Furthermore, the restructuring of the American and European steel sectors continues to progress, paving the way for new opportunities for the semi-finished steel market.
      The supply/demand situation for value-added slabs – such as those used in making high-resistance structural steels and steels for the Asian and North American automobile industries – strengthens the position of steel makers who are positioned to supply this range of high quality products.