World Steel Association Foresees Sector Growth Slowdown in 2020

SEATTLE (Scrap Monster):  The global steel industry is likely to face with traditional challenges in 2020, including overcapacity, restructuring and trade tensions to name a few, said Edwin Basson, Director General, The World Steel Association (worldsteel). The market growth will continue to slow down in many regions, he noted.

The industry participants may need to focus on providing greater transparency and accountability in all aspects of work, as is demanded by the customers and society. Ensuring safety, environmental and labour standards at workplaces will be a challenge for the industry. Consequently, supply chain management and reporting will witness more importance in the years to come.

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In response to queries from customers, with regards to sourcing of raw materials by the industry and the process of steelmaking itself, worldsteel has developed a matrix for 30 of its most important material inputs, outlining the sustainability risks associated with the regions from where they are sourced. In addition, the scope of the Association’s work on steel scrap would be further widened in 2020, Basson added.

The Association will continue its efforts in developing new technologies to produce virgin steel with net zero carbon. These technologies aim to reduce the need for coking coal through efficient use of renewably-produced hydrogen.