In 2005, project activity for steel and stainless steel equipment was again very strong in China (including Taiwanese and Korean investments in China), where many projects for carbon steel and stainless steel plants were decided. In Europe and India, investment interest from stainless steel and carbon steel producers was also on the rise, with some selective investments made. Only one large project was awarded in North America.

According to preliminary figures, world production of crude steel in 2005 increased by approximately 3-4% compared to 2004. Production growth was very strong in China, where demand for both carbon and stainless steel products remained high throughout the year. China, which accounted for more than 30% of the global crude steel production in 2005, became a net exporter of carbon steel in 2005.  

Global production of stainless steel was approximately 5-6% higher compared to 2004. In China, strong investments in new capacities for stainless steel production continued during 2005, with the result that the aggregate capacity of existing lines and lines that will come on stream in the future almost reached the level of domestic demand.