Rio, 12/19/2003 (Agência Brasil - ABr) - Next year stronger domestic demand could mean a reduction in Brazil's steel exports, says José Armando de Figueiredo Campos, the president of the Brazilian Steel Institute (IBS). This year Brazil exported a record 13.3 million tons of steel, worth US$3.9 billion,an increase of 14.2% in volume and 34.5% in value, compared to last year.

Campos says the forecast is in line with the government's objective of GDP growth of 3.5% to 4% in 2004 and based on projections of a rise of 14.4% in domestic sales (which translates into a total of some 17.6 million tons of steel products). There is also an IBS forecast of a drop of 8.2% in steel exports next year.

In 2003 steel production was a record 31.2 million tons, up 5.3% over 2002. The IBS forecast for 2004 is production of 32.3 million, an increase of 3.9%. (AB)

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