Downturn in demand for steel. - The steel industry is facing its worst demand downturn since the oil crisis in the 1970s, states a report from the United Nations Conference on Trade and Development (UNCTAD). On the other hand, iron ore production has not fallen (+3.6% in 2008 i.e. over 1.7 billion tonnes), leading to a situation of over-production given the fall in demand, which is a direct consequence of the fall in demand for steel products. In 2008, the demand for finished steel products...