Steel Demand Growth to Slow in 2022 as War Threatens Outlook
- Consumption to rise 0.4% this year after 2.7% gain in 2021
- European demand to shrink while China’s remains flat
A worker uses a ladle to collect a sample of molten steel from the blast furnace at a steel mill in Cherepovets, Russia.
Source: Bloomberg
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Steel demand growth will slow this year as consumption in Russia and Ukraine slumps in the wake of the war, according to the World Steel Association.
Consumption will rise just 0.4% to 1,840.2 million tons in 2022, a slower pace than last year’s 2.7% increase, the industry group said Thursday. The war in Ukraine will cause steel demand in the European Union to contract as the recovery from the pandemic is delayed.