Worldsteel CEO on the outlook for global metallurgy

Global steel production grew 4.5% year on year in the first six months of 2017 to 695 million tonnes.

World Steel Association CEO Edwin Basson said the global steel capacity of around 2.4 billion tonnes is "already sufficient to meet supply requirements through 2035."

Strong growth in steel demand in developing countries will offset the stabilization in demand in developed countries, but this means mainly good overall global demand for the next two decades or more, Basson said.

“Combining these factors with trends in steel use - due in part to increased production of high-strength, lightweight steels and a greater focus on reuse and recycling - the result is clear,” Basson said.

“We believe that the demand for steel in terms of volume has reached a significant reversal,” he said. "It will continue to grow, but growth ... will be much slower than it has been in the past two decades."