U.S. Steel Industry Leaders Foresee Huge Demand Recovery in 2025

SEATTLE (Scrap Monster): The U.S. steel industry executives shared high hopes of a huge revival in steel demand in 2025 during the recently held SMU Steel Summit in Atlanta. The projected turnaround is mainly on account of the anticipated improvement in the U.S. economy, coupled with pipeline of infrastructure projects and increased consumer spending triggered by interest rate cuts.

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The steel sector is likely to witness a rebound, recovering itself from the low demand and price scenario recorded in 2024. It must be noted that the country’s steel industry has been largely dominated by the controversial takeover of United States Steel Corporation (U.S. Steel) by Japanese Nippon Steel. The steel demand in the initial six-month period of 2024 was down marginally by 0.4% year-on-year at 50.9 million tons, as per the most recent data published by the American Iron and Steel Institute (AISI).

Kevin Dempsey, President, AISI noted that it expects growth in domestic steel demand, especially from construction sector, due to the huge amount of investment driven by the government policies over the past several years.

Geoff Gilmore, the chief executive officer of Worthington Steel commended the Biden Administration’s mandate to build projects with American steel, which according to him, has definitely been a big boost for the domestic steel sector.