Worldsteel: global market recovery expected in second half of 2023

More than 600 people gathered in Istanbul for the 17th New Horizons Steel Conference.

According to the World Steel Association (worldsteel), the global market will recover in the second half of 2023. automotive sector and supply chain in China could positively impact the steel sector. The world is entering a new era of transformation. Industries using steel and the structure of demand for steel will change.

What the steel industry can do in its global transformation is to use scrap metal to generate the expected growth. Converting at least one third of blast furnaces to steel mills using direct reduced iron (DRI) and using green hydrogen and biofuels in production will be the trend of the future. As a result, the entire value chain must shift to cleaner production.