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Steel Industry: COVID-19 Impact

Steel Industry Affected by Lowered Demand During COVID-19 Outbreak

01 May 2020

Global crude steel production decreased by 1.4% in the first 3 months of 2020 compared to the same period in the previous year. Although steel was declared an essential industry in several countries, demand for steel production has fallen sharply during the pandemic. Automotive manufacturing, one of the largest consumers of steel, has been curtailed in an effort to slow the spread of COVID-19 while falling energy prices have led to much lower demand from sectors like oil and gas. Many non-essential construction projects have been halted as a result of the COVID-19 outbreak which has also negatively affected demand for steel.Recently, several automotive manufacturers such as Volvo, Toyota, VW, Nissan and Seat have announced plans to begin re-opening factories and restarting vehicle production in the European Union and United Kingdom which could lead to increased demand for steel. There are also signs that China, the largest metal consumer in the world, is moving towards recovery with imports of semi-finished steel increasing over the last two months.We have included a selection of our most popular market research on steel below.

Research and Markets offers more information on this topic:

Iron and Steel Forging - 2020 U.S. Industry Market Research Report with COVID-19 Forecasts- Product Image
Iron and Steel Forging - 2020 U.S. Industry Market Research Report with COVID-19 Forecasts- Product Image
Iron and Steel Forging - 2020 U.S. Industry Market Research Report with COVID-19 Forecasts
  • From
  • Report
  • January 2021
  • 37 Pages
The 2020 Iron and Steel Forging Industry Market Research Report is one of the most comprehensive and in-depth assessments of the industry in the United States with over 100 data sets covering 2011-2024. This...
Steel Scrap - Global Market Trajectory & Analytics- Product Image
Steel Scrap - Global Market Trajectory & Analytics- Product Image
Steel Scrap - Global Market Trajectory & Analytics
  • From
  • Report
  • October 2022
  • 433 Pages
  • Region: Global
Global Steel Scrap Market to Reach 784.8 Million Metric Tons by 2027 Amid the COVID-19 crisis, the global market for Steel Scrap estimated at 574.1 Million Metric Tons in the year 2020, is projected to reach...
World - Iron And Steel - Market Analysis, Forecast, Size, Trends and Insights- Product Image
World - Iron And Steel - Market Analysis, Forecast, Size, Trends and Insights- Product Image
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World - Iron And Steel - Market Analysis, Forecast, Size, Trends and Insights
  • From
  • Report
  • December 2022
  • Region: Global
Product coverage: Iron and steel, unwrought. This report has been designed to provide a comprehensive study of the global iron and steel market. It presents the latest data sets of quantitative medium-term...
Crude Steel Market | Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)- Product Image
Crude Steel Market | Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)- Product Image
Crude Steel Market | Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
  • From
  • Report
  • August 2022
  • 250 Pages
  • Region: Global
The crude steel market was valued at over USD 1,340,036.18 million in 2021, and it is projected to register a CAGR of 1.56% in terms of revenue during the forecast period (2022-2027). In 2021, the demand for...
Flat Steel Market by Process (Basic Oxygen Furnace, Electric Arc Furnace), Type (Sheets & Strips, Plates), End-Use Sector (Building & Infrastructure, Mechanical Equipment, Automotive & Other Transport), Region - Global Forecast to 2024- Product Image
Flat Steel Market by Process (Basic Oxygen Furnace, Electric Arc Furnace), Type (Sheets & Strips, Plates), End-Use Sector (Building & Infrastructure, Mechanical Equipment, Automotive & Other Transport), Region - Global Forecast to 2024- Product Image
Flat Steel Market by Process (Basic Oxygen Furnace, Electric Arc Furnace), Type (Sheets & Strips, Plates), End-Use Sector (Building & Infrastructure, Mechanical Equipment, Automotive & Other Transport), Region - Global Forecast to 2024
  • From
  • Report
  • February 2020
  • 166 Pages
  • Region: Global
The flat steel market is projected to grow at a CAGR of 5.9% between 2019 and 2024 The flat steel market is estimated to be USD 434.8 billion in 2019 and is projected to reach USD 580.2 billion by 2024, at...