World Steel Association highlights major industry challenges

The World Steel Association (worldsteel) has highlighted two key issues that the global steel industry may need to address in the near future. In his message, Edwin Basson, CEO of Worldsteel, identified climate change and cyclical manufacturing as two major areas in which the metals industry can make a significant contribution.

Members of the Association are finding new ways to improve energy efficiency and production, Basson said. Steel plays a very important role in reducing emissions. The steel industry, producing 1.8 billion tonnes in 2018, accounted for 7-9% of the world's total carbon emissions.

The increased focus on the circular economy could have an impact on all metals. However, steel will have a clear impact on circular economic policies, mainly because it is inherently a reusable and recyclable material. The unique property of steel allows it to be recycled an unlimited number of times, thereby helping to reduce the use of precious and limited raw materials. As a permanent material, steel is fundamental to achieving a circular economy and ensuring that resources remain in use for as long as possible.

The industry is currently facing a number of challenges, including the US-China trade war, Brexit, slowing economic growth in China, conflict in the Middle East, etc., which could have an impact on the global manufacturing industry. A clear direction or solution to some of these problems can give a significant impetus to the development of the industry and the entire world economy.