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The World of Steel: The Headline Stories for the Week
Posted By:
Friday, February 16, 2018
It’s hard to imagine a world without steel. All of thoseThose sky scrapers, bridges, and monuments; pretty much every architectural achievement today would not have been possible without steel. Any wonder that by October of this year, the global steel industry has produced almost 1.41 billion metric tons of raw steel to cater to growing demands around the world. Led by China, steel consumption is rising with countries enrolled into ambitious large- scale development programs that could change the dynamics of the world as we know it.
Here is a roundup of some of the most note-worthy developments in the steel industry recently.
G20 comes to terms to cut over-capacity
Holding a production capacity greater than the demand for steel is something that upsets the global equilibrium of the steel industry. A similar scenario caused a huge crisis in the UK steel industry about two2 years ago, when China diverted its excess produce towards European and British markets. The Chinese government subsidizes steel plants, and as a result, their products are cheaper. Therefore, in 2015 when the country started exporting steel to Britain, the country faced a severe crisis with many manufacturers collapsing or having to make huge work force cuts to accommodate for the fallen production requirements.
The problem was so immense that the G20 nations had to come together and chalk out a deal that will make it necessary for governments to avoid unnecessary subsidies and provide complete details of their production capacities so that the members can then build an effective global strategy.
Obviously, the implementations are yet to be seen in this regard with the two largest players, i.e., USA and China, susceptible toabout each other’s intentions. China doesn’t want to be the only one sacrificing as they are the leading manufacturer currently. The USA believes that the meeting made no progress in determining the exact causes of over-production. How things pan out, in reality, in reality is now to be seen.
POSCO Chairman appointed vice president of World Steel Association
The Chairman of the South Korean steel manufacturer has been appointed the vice president of the World Steel Association (WSA) for a period of one year. WSA, a Belgium based organization, looks after the rights of almost 170 steel manufacturers from around the globe. According to the Association rules, he’ll be promoted to chairman next year. POSCO is the fifth largest steel producer in the world and is known for its product quality and innovation.
China leading the world in steel production
China and its $1 trillion Silk Economic Route have made it to the top of the production table with 72.4 million metric tons of the total 1.4 billion produced between Jan – Oct 2017. China’s trade route involves infrastructural development that will connect it to European, African and Asian countries while giving it a huge trade advantage over other countries in the world.
With strong regulations in place, and the world monitoring steel production to maintain a balance on the landscape, it is evident that the industry has potential looking forward and if you’re a part of the industry, it is beneficial to keep a watch on the happening every day.
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