The World Steel Association (worldsteel) released its Short Range Outlook (SRO) for 2016 and 2017. worldsteel forecasts that global steel demand will increase by 0.2 % to 1 501 million t in 2016, following a contraction of −3.0 % in 2015. In 2017, it is forecast that global steel demand will grow by 0.5 % and will reach 1 510 million t.