Steel production is returning to growth

Sunbd Desk || Published: 2021-02-24 10:38:04 || Updated: 2021-02-24 10:38:04

In the year 2020, the global steel production is facing a major recession due to the impact of the epidemic corona. At the end of the year, the price of iron ore, one of the raw materials for steel production, skyrocketed in the international market. Due to these two reasons, global steel production at the end of 2020 will be lower than the previous year. However, such a recession is temporary. The global steel production sector may return to growth by the end of this year. Not only that, by 2025, the production of industrial metals worldwide will see a maximum annual growth of 32 percent. A recent report by credit rating agency Fitch Solutions Inc. suggests such a possibility. News Mining.com and Market Watch.

Fitch Solutions reports that global steel production fell 0.1 percent last year due to the Corona epidemic. However, this recession is temporary. Global production of the industrial metal could turn around this year after coronal shocks. The company has forecast a 4.9 percent growth in global steel production by the end of this year.

Sunbd/NJ

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