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Round up of the Latest Steel Industry News from Around the Globe
Posted By:
Monday, April 16, 2018
2017 saw 1.7 billion metric tons of steel produced around the world when the predictions expected it to hit just over 1.5 billion metric tons. Today the industry stands at a net worth of almost $900 billion and expected to grow even further.
Keeping these statistics in mind, it is almost certain that even the slightest decisions that impact this industry create a ripple effect in world economies. These days this ripple has been caused by American President Donald J. Trump and his recently announced 25% tariff on steel imports.
This has put steel producers around the world on their toes and wondering what adverse impacts it will bring to their respective countries and industries.
Following is a collection of some of the most notable impacts that the US President’s decision has had around the World.
China has announced plans to shrink its steel industry
Mr. Trump has revealed that one of the main reasons behind his initiative to impose trade tariffs is to counter the influence and growth of the Chinese steel industry which is currently the largest in the world. Contributing a staggering 49% to all the steel produced around the world, the size of this industry in China is massive with the closest second being the European Union at a meager 10%.
Chinese industries saw a surge in supply during the last decade however, recent years have seen a steep dive in these revenues with mills excessively going out of production at a rapid pace. China’s low cost exports had driven a drive of resentment in Western countries that feared for being own industries.
Since then China has announced that it has cut production by almost 30 million tons but this is still quite slow for the already angered nations because compared to the 800 million metric tons that China produces each year, the cut is negligible.
Great Britain’s steel industry recovery could take a hit from Trump’s tariffs
Reeling from the impacts of the Brexit vote, Britain and its industries are having a hard time coping and rebuilding their lost charm and Trump’s recently introduced trade tariffs are not going to aid these efforts.
There is a wave of resentment in different segments of people inside the British Steel Industry because the proposed 25% tariff is bound to make imported steel extremely expensive in the United States which is one of the largest importers of the metal.
The tariffs currently exempt only Canada and Mexico although the President has promised an olive Branch to Britain as well. What the future holds however is still to be seen.
California’s largest steel company is worried too
It’s not only foreign countries and exporters that are concerned about the tax tariffs but local companies as well. California Steel Industries employs over a 1000 people and relies on imported steel slabs to produce its products.
Trump’s tariffs will make procurement of the raw material quite expensive, disrupting the operation cycles for the entire industry in general, and the company in particular.
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