In its latest Short Term Review (SRO), the World Steel Association (worldsteel) said the global auto industry has recovered significantly from an initial Covid-19 lockdown last year, but there are several factors such as supply chain disruptions and interference. limiting further growth.
Edwin Basson, CEO of worldsteel, said the disruptions include not only shortages of semiconductors, but also shortages of containers, and in some cases, shortages of port capacity. This is a structural feature of the global economy, and it is trying to return to its former mode of operation. However, there are still some problems in the system.
Worldsteel said that as the lag in demand disappears, growth in auto production will slow in 2022, but a large number of orders will provide some support.
The association stated that, in general, the construction industry is more resilient than the manufacturing industry in terms of responding to the impact of the epidemic.
Worldsteel alarmed by weak recovery in auto industry
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