[Asian Steel Watch] Vol.3 (2017.6)
On the Cover
The Steel Industry over the Next Two Decades
Global steel demand will rise by around 1% for the next 20 years, reaching 1.69 billion tonnes by 2025 and 1.86 billion tonnes by 2035. Despite some concerns, global steel demand has not yet peaked and will not do so within the next two decades. Steel-consuming industries’ requirements for steel products will become stricter and more diverse under the influence of evolving megatrends. Their needs will become more sophisticated mainly in three areas: high strength and high toughness, high corrosion resistance, and high performance. The rising megatrend of global climate action will compel steelmaking processes to become more eco-friendly. For the long term, the steel industry is gearing up to develop carbon-free technologies such as the hydrogen reduction process. Under the other emerging megatrend of the Fourth Industrial Revolution, the steel industry will seek a smart transformation using IoT, Big Data and AI.
The document provides an overview of Japan's blast furnace steel industry and related industries. It discusses that steel is a key industry for Japan, accounting for 7.6% of GDP. It also summarizes that Japan maintains the second largest production of crude steel globally, after China. The document then highlights several Japanese steel companies and their production volumes. It provides details on the value chain for blast furnace steel production and trends in the industry, including steel exports being a key export item for Japan and efforts to improve energy efficiency and reduce emissions.
The document discusses Pakistan's steel industry. It provides an introduction to steel and its importance. It then discusses the classification, production processes, major products, industry structure, and role in the economy. The organized sector includes public sector companies while the unorganized sector consists of private melting, rolling, and pipe mills. The industry contributes significantly to manufacturing and construction. It also generates substantial employment and tax revenue. However, the industry faces issues like outdated plants and low per capita consumption. Opportunities exist in increasing utilization, exports, and investments while threats include privatization policies and security issues.
Paper-2 Global steel scenario and future of refractory technology.docxAshish Chaudhary
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise stimulates the production of endorphins in the brain which elevate mood and reduce stress levels.
The Indian steel industry has experienced steady growth since the country's independence. It is now one of the top ten steel producers globally, though its share of global production remains low at around 3%. The industry has largely been dominated by a few major public and private sector companies. While domestic demand for steel has grown significantly, fueled by India's growing economy, domestic production has still not been sufficient to meet this demand. Moving forward, continued investment in infrastructure and developing new technologies are seen as important to further advancing the Indian steel industry.
This document discusses strategies to reduce emissions from the cement and steel industries in line with the Paris Agreement's temperature goals. It analyzes three scenarios for each sector: a current trends scenario, a scenario that focuses on decarbonizing energy supply, and a scenario that incorporates circular economy principles. For the steel sector, the scenarios show emissions reductions ranging from 12-66% in the EU and China by 2050 compared to current trends, depending on the scenario. Further innovation is needed to fully decarbonize primary steel production.
Global steel production forecast sampleArtem Segen
The document forecasts global steel production levels through 2024. It considers 3 scenarios: 1) steel production grows steadily worldwide led by China; 2) China's production decreases over 5 years as urbanization slows; 3) the main scenario predicts China's growth slowing but not decreasing, while other countries increase production 3.1-3.6% annually on average to replace some Chinese supply globally. Overall, global production is forecast to reach 2.03 billion tons by 2024 under the main scenario.
Global steel industry and in particular China: future outlookMining On Top
Mining On Top: Stockholm 2013
26-27 Nov 2013
Global steel industry and in particular China: future outlook – Dr Nae Hee Han, World Steel Association; Chief Economist
The document provides an overview of Japan's blast furnace steel industry and related industries. It discusses that steel is a key industry for Japan, accounting for 7.6% of GDP. It also summarizes that Japan maintains the second largest production of crude steel globally, after China. The document then highlights several Japanese steel companies and their production volumes. It provides details on the value chain for blast furnace steel production and trends in the industry, including steel exports being a key export item for Japan and efforts to improve energy efficiency and reduce emissions.
The document discusses Pakistan's steel industry. It provides an introduction to steel and its importance. It then discusses the classification, production processes, major products, industry structure, and role in the economy. The organized sector includes public sector companies while the unorganized sector consists of private melting, rolling, and pipe mills. The industry contributes significantly to manufacturing and construction. It also generates substantial employment and tax revenue. However, the industry faces issues like outdated plants and low per capita consumption. Opportunities exist in increasing utilization, exports, and investments while threats include privatization policies and security issues.
Paper-2 Global steel scenario and future of refractory technology.docxAshish Chaudhary
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise stimulates the production of endorphins in the brain which elevate mood and reduce stress levels.
The Indian steel industry has experienced steady growth since the country's independence. It is now one of the top ten steel producers globally, though its share of global production remains low at around 3%. The industry has largely been dominated by a few major public and private sector companies. While domestic demand for steel has grown significantly, fueled by India's growing economy, domestic production has still not been sufficient to meet this demand. Moving forward, continued investment in infrastructure and developing new technologies are seen as important to further advancing the Indian steel industry.
This document discusses strategies to reduce emissions from the cement and steel industries in line with the Paris Agreement's temperature goals. It analyzes three scenarios for each sector: a current trends scenario, a scenario that focuses on decarbonizing energy supply, and a scenario that incorporates circular economy principles. For the steel sector, the scenarios show emissions reductions ranging from 12-66% in the EU and China by 2050 compared to current trends, depending on the scenario. Further innovation is needed to fully decarbonize primary steel production.
Global steel production forecast sampleArtem Segen
The document forecasts global steel production levels through 2024. It considers 3 scenarios: 1) steel production grows steadily worldwide led by China; 2) China's production decreases over 5 years as urbanization slows; 3) the main scenario predicts China's growth slowing but not decreasing, while other countries increase production 3.1-3.6% annually on average to replace some Chinese supply globally. Overall, global production is forecast to reach 2.03 billion tons by 2024 under the main scenario.
Global steel industry and in particular China: future outlookMining On Top
Mining On Top: Stockholm 2013
26-27 Nov 2013
Global steel industry and in particular China: future outlook – Dr Nae Hee Han, World Steel Association; Chief Economist
This document provides a summary of the global steel and ferro-silicon markets in November 2013. It notes that China dominates global steel production and will continue to be the major contributor to growth. Ferro-silicon is predominantly consumed in integrated steelmaking which uses the blast furnace process. China also dominates global ferro-silicon production, accounting for 65% of the total in 2012.
The document summarizes the Indian steel industry. It discusses that India is the 3rd largest producer of raw steel globally. It outlines the history and establishment of major steel plants in India such as Tata Steel and Steel Authority of India Limited (SAIL). Current major steel producers in India like Tata Steel, Essar Steel, and JSW Steel are also summarized. The role of the steel industry in the Indian economy and employment opportunities are highlighted. Issues faced by the industry such as capital, technology, productivity, and shortage of raw materials are briefly mentioned.
Ezzsteel is the largest steel producer in the Middle East and North Africa. It produces 5.8 million tons of flat steel, rebar, and wire rod annually across multiple state-of-the-art plants in Egypt. Ezzsteel aims to maintain its position as a leading integrated steel producer through continuous product development, satisfying evolving customer needs, and investing over $4 billion in the latest technology. The strategic audit analyzes Ezzsteel's financial performance, corporate governance, industry environment, and competitive position to provide insights for strategic decision making.
The substantial overcapacity in the Chinese steel industry, which has a surplus of 100 million metric tons, along with the excess capacity of South Korea will compensate for the potential decline in Japanese steel exports. In the short term, the import of steel products for the reconstruction of infrastructure is expected to increase in Japan. However, Japan’s steel capacity is expected to suffice and meet domestic demand in the medium term.
This document provides an overview of the Indian steel industry. It states that India is the 4th largest producer of crude steel globally, producing around 89 million tonnes in 2011-2012. It also discusses the major players in the industry, reasons for the industry's growth including abundant resources and a strong global presence. The document analyzes the industry using PEST and Porter's Five Forces frameworks and outlines challenges, opportunities and future prospects for further development of the Indian steel sector.
A Comprehensive Survey of Steel Demand Forecasting Methodologies and their Pr...POSCO Research Institute
This article classifies and compiles the methodologies through a comprehensive review of the literature, and then finds clues to enhance the accuracy of steel demand forecasting.
The approaches for forecasting steel demand can broadly be classified into the econometric and intensity of use (IU) approaches.
Econometric approaches are divided into the econometric demand model and vector autoregression (VAR). The econometric approach widely uses a simple single equation or a simultaneous equation to forecast steel consumption, considering that steel demand is affected by macroeconomic variables including GDP, industrial production, trade structure, and economic volatility. The VAR methodology has the merit of avoiding the weakness of econometric demand model that requires forecasts of exogenous variables since VAR assumes all variables in a model are endogenous.
The intensity of use (IU) approaches rose to prominence in the early 1970s when some OECD member countries observed their steel demand fall while macroeconomic indicators grew. The IU approach is a useful concept that attempts to link steel consumption to the technological and structural changes in an economy.
Mathematical methodologies and computational approaches
Hybrid mathematical methodologies seek to enhance predictability based on the grey model, algorithm, and fuzzy ARIMA model. The steel weighted industrial production (SWIP) index is broadly used by worldsteel and other steel associations.
To complement the weakness of top-down macro methodologies which directly predict total steel demand, POSRI is concurrently applying a bottom-up micro methodology to predict demand for 16 steel products and summing them to forecast total demand.
This document is Hyundai Steel Company's 2007 annual report. It provides an overview of the company's operations in 2007 and discusses key events and financial results. Some highlights include:
- Hyundai Steel remained a major player in Korea's steel industry despite economic uncertainty.
- The company continued focusing on environmental stewardship in its operations.
- In 2007, Hyundai Steel saw increases in sales (34.7% to KRW 7.38 trillion), production (22% to 11.33 million tons), and sales volume (23% to 11.25 million tons).
- The company secured long-term contracts for raw materials and technology partnerships to support its new integrated steel mill in
The myth and reality of global steel overcapacity (Jun H. Goh, Moon-Kee Kong)POSCO Research Institute
[Asian Steel Watch] Vol.1(2016.1)
Overcapacity has long been blamed as the main cause of the recession in the steel industry (especially the price decline), but this claim has not yet been backed by enough systematic analysis.
For this reason, the exact amount of overcapacity continues to be a controversial topic, and a consensus on realistic measurement of capacity is nonexistent. Therefore, one is hard-pressed to provide an insightful answer to the question of whether the current overcapacity level is more serious than the past.
In this article, we will first examine how serious global steel overcapacity is in terms of nominal amount. Reliable annual historical data for China and other countries are derived mainly from OECD data on nominal crude steel capacity, and are compared to annual crude steel consumption data. Next, we will try to measure the genuine steel overcapacity by introducing the concept of effective capacity, and investigate whether the steel industry’s recession after the financial crisis was triggered by overcapacity....
REPORT - INCREASE IN REBAR RATES AND ITS IMPACT ON CONSTRUCTION INDUSTRYDVRConsulting
The document discusses the increase in rebar rates in India and its impact on the construction industry. It notes that steel production in India declined for the first time in years in FY 2021, falling below consumption levels. The construction and infrastructure industries account for over half of steel consumption in India. Iron ore prices have risen about 25% since March 2021 due to supply issues, and steel prices are expected to keep increasing over the next three quarters as demand from China also rises. The summary advises construction companies to factor in escalating steel costs and properly manage materials to avoid cost overruns on projects.
This document summarizes a report by RNCOS on the US steel industry. It provides an overview of the size and growth rate of the US steel market, segmentation by sector and product type, as well as opportunities and challenges. The US is the 3rd largest crude steel producer globally. Key points include:
- Crude steel production grew 2.5% to 88.6 million tons in 2012 and is forecast to grow at 4.5% annually to 2017.
- Apparent steel consumption grew 10.7% in 2011 and is forecast to grow 4.3% annually to 130 million tons by 2017.
- Flat products account for 58% of apparent steel consumption, followed by long products.
- Growth
The document discusses the major players in India's steel industry. It notes that Steel Authority of India Limited (SAIL) is the leading steel producer and is fully integrated across the steelmaking process. SAIL operates multiple steel plants across India. Other major Indian steel producers mentioned include Tata Steel, Essar Steel, Jindal Steel, and SAIL has established various joint ventures to support its operations.
Steelmaking and Iron Products (Cast Iron, Compacted Graphite Irons, Ductile I...Ajjay Kumar Gupta
The iron and steel industry is one of the most important industries in India. Most iron and steel in India is produced from iron ore. The Indian Ministry of Steel is concerned with: the coordination and planning of the growth and development of the iron and steel industry in the country, both in the public and private sectors; formulation of policies with respect to production, pricing, distribution, import and export of iron and steel, Ferro alloys and refractories; and the development of input industries relating to iron ore, manganese ore, chrome ore and refractories etc., required mainly by the steel industry.
Tags
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China's steel industry has grown rapidly in recent decades, making China the third largest steel producer in the world behind the CIS and Japan. While China has significantly increased domestic steel production, demand has outpaced supply, resulting in China becoming an importer of steel, accounting for up to 30% of its consumption. China's role in global iron ore and steel markets has expanded as its industry has integrated further into world trade. As China's steel production continues to rise, its imports of iron ore are projected to increase substantially to meet growing demand, presenting opportunities for major iron ore exporters like Australia. Future trade will depend on China's economic growth and development of a liberal policy environment.
This document discusses three macro trends in copper production and their implications for tellurium supply:
1) Concentrates will be redistributed to larger smelters and refineries in China and India, shifting tellurium production away from North America and Japan.
2) Pressure leaching will be more widely used to process anode slimes, improving tellurium recovery rates from slimes.
3) Non-conventional leaching processes like SX-EW will account for a larger share of refined copper capacity, changing tellurium supply dynamics.
The trends are expected to increase global tellurium production potential but will require coordination to fully realize this potential given the changing geographic distribution of copper refining.
India has become the world’s fourth-largest producer of crude steel. The country is slated to become the second-largest steel producer by 2015 as large public and private sector players strengthen steel production capacity in view of the rising demand.
The total market value of the steel sector in India stood at US$ 57.8 billion in 2011 and is expected to touch US$ 95.3 billion by 2016. Total crude and finished steel production grew at a compound annual growth rate (CAGR) of 6.6 per cent and 4.2 per cent over FY08-11 to reach 69.6 million tonnes (MT) and 66 MT respectively.
Steel consumption is expected to grow at an average rate of 6.8 per cent to reach 104 MT by 2017 driven by rising infrastructure development and growing demand for automotives. The infrastructure sector is India’s largest steel consumer, accounting for 63 per cent of total consumption in FY11. Attracted by the growth potential of the Indian steel industry, several global steel players have been planning to enter the market. The Government of India (GOI) has allowed 100 per cent foreign direct investment (FDI) in the sector through automatic route in order to attract foreign investments.
Global steel production is dominated by China, which produces over half of the world's steel. Other major producers include Japan, the United States, India, Russia, South Korea, Germany, Ukraine, Brazil, and Turkey. Steel production is expected to continue growing in developing countries like India, Brazil, and China. The steel industry faces challenges from availability and costs of raw materials like iron ore and coal.
This document contains notes from two chapters. Chapter 1 discusses differences in import values between 1997-1998 and focuses on trade practices of four countries. It also references several reports and analyses on global steel overcapacity. Chapter 2 discusses declines in domestic shipments, capacity utilization, and jobs in the US steel industry during the Asian financial crisis from 1998-1999. It analyzes import penetration levels and prices. The document provides context on the impact of rising steel imports on the US market during this period.
The document analyzes the major steel industry in India. It provides an overview of the economic environment and demand for steel in India driven by infrastructure and automobiles. It then discusses the production and consumption of steel in India. It analyzes the performance and research & development efforts of major Indian steel companies like SAIL, TATA Steel, JSW Steel, Jindal Steel, and Ispat Industries. It highlights the key investment rationales and concerns for these companies. Finally, it discusses the challenges faced by the Indian steel industry.
Improvement of refractory in nippon steelRadi Nasr
This document summarizes improvements in refractory technology at Nippon Steel Corporation over the past 20 years. Specific refractory consumption has decreased from around 9.5 kg/t-s to 7.5 kg/t-s through advances in materials, construction, repair, and recycling. The proportion of monolithic refractories has increased from 30% to around 70% through improvements to construction technology. Furnace maintenance costs have also been reduced through mechanization and better labor management.
The global sustainable steel market is projected to reach $795.8 billion by 2031 from $327.3 billion in 2021, growing at a CAGR of 8.97% during the forecast period 2022-2031. The growth in the global sustainable steel market is expected to be driven by stringent government regulations, carbon neutrality targets, energy and cost efficiency owing to the use of recycled steel, and a significant increase in steel demand with the scarcity of raw materials and energy.
This document provides a summary of the global steel and ferro-silicon markets in November 2013. It notes that China dominates global steel production and will continue to be the major contributor to growth. Ferro-silicon is predominantly consumed in integrated steelmaking which uses the blast furnace process. China also dominates global ferro-silicon production, accounting for 65% of the total in 2012.
The document summarizes the Indian steel industry. It discusses that India is the 3rd largest producer of raw steel globally. It outlines the history and establishment of major steel plants in India such as Tata Steel and Steel Authority of India Limited (SAIL). Current major steel producers in India like Tata Steel, Essar Steel, and JSW Steel are also summarized. The role of the steel industry in the Indian economy and employment opportunities are highlighted. Issues faced by the industry such as capital, technology, productivity, and shortage of raw materials are briefly mentioned.
Ezzsteel is the largest steel producer in the Middle East and North Africa. It produces 5.8 million tons of flat steel, rebar, and wire rod annually across multiple state-of-the-art plants in Egypt. Ezzsteel aims to maintain its position as a leading integrated steel producer through continuous product development, satisfying evolving customer needs, and investing over $4 billion in the latest technology. The strategic audit analyzes Ezzsteel's financial performance, corporate governance, industry environment, and competitive position to provide insights for strategic decision making.
The substantial overcapacity in the Chinese steel industry, which has a surplus of 100 million metric tons, along with the excess capacity of South Korea will compensate for the potential decline in Japanese steel exports. In the short term, the import of steel products for the reconstruction of infrastructure is expected to increase in Japan. However, Japan’s steel capacity is expected to suffice and meet domestic demand in the medium term.
This document provides an overview of the Indian steel industry. It states that India is the 4th largest producer of crude steel globally, producing around 89 million tonnes in 2011-2012. It also discusses the major players in the industry, reasons for the industry's growth including abundant resources and a strong global presence. The document analyzes the industry using PEST and Porter's Five Forces frameworks and outlines challenges, opportunities and future prospects for further development of the Indian steel sector.
A Comprehensive Survey of Steel Demand Forecasting Methodologies and their Pr...POSCO Research Institute
This article classifies and compiles the methodologies through a comprehensive review of the literature, and then finds clues to enhance the accuracy of steel demand forecasting.
The approaches for forecasting steel demand can broadly be classified into the econometric and intensity of use (IU) approaches.
Econometric approaches are divided into the econometric demand model and vector autoregression (VAR). The econometric approach widely uses a simple single equation or a simultaneous equation to forecast steel consumption, considering that steel demand is affected by macroeconomic variables including GDP, industrial production, trade structure, and economic volatility. The VAR methodology has the merit of avoiding the weakness of econometric demand model that requires forecasts of exogenous variables since VAR assumes all variables in a model are endogenous.
The intensity of use (IU) approaches rose to prominence in the early 1970s when some OECD member countries observed their steel demand fall while macroeconomic indicators grew. The IU approach is a useful concept that attempts to link steel consumption to the technological and structural changes in an economy.
Mathematical methodologies and computational approaches
Hybrid mathematical methodologies seek to enhance predictability based on the grey model, algorithm, and fuzzy ARIMA model. The steel weighted industrial production (SWIP) index is broadly used by worldsteel and other steel associations.
To complement the weakness of top-down macro methodologies which directly predict total steel demand, POSRI is concurrently applying a bottom-up micro methodology to predict demand for 16 steel products and summing them to forecast total demand.
This document is Hyundai Steel Company's 2007 annual report. It provides an overview of the company's operations in 2007 and discusses key events and financial results. Some highlights include:
- Hyundai Steel remained a major player in Korea's steel industry despite economic uncertainty.
- The company continued focusing on environmental stewardship in its operations.
- In 2007, Hyundai Steel saw increases in sales (34.7% to KRW 7.38 trillion), production (22% to 11.33 million tons), and sales volume (23% to 11.25 million tons).
- The company secured long-term contracts for raw materials and technology partnerships to support its new integrated steel mill in
The myth and reality of global steel overcapacity (Jun H. Goh, Moon-Kee Kong)POSCO Research Institute
[Asian Steel Watch] Vol.1(2016.1)
Overcapacity has long been blamed as the main cause of the recession in the steel industry (especially the price decline), but this claim has not yet been backed by enough systematic analysis.
For this reason, the exact amount of overcapacity continues to be a controversial topic, and a consensus on realistic measurement of capacity is nonexistent. Therefore, one is hard-pressed to provide an insightful answer to the question of whether the current overcapacity level is more serious than the past.
In this article, we will first examine how serious global steel overcapacity is in terms of nominal amount. Reliable annual historical data for China and other countries are derived mainly from OECD data on nominal crude steel capacity, and are compared to annual crude steel consumption data. Next, we will try to measure the genuine steel overcapacity by introducing the concept of effective capacity, and investigate whether the steel industry’s recession after the financial crisis was triggered by overcapacity....
REPORT - INCREASE IN REBAR RATES AND ITS IMPACT ON CONSTRUCTION INDUSTRYDVRConsulting
The document discusses the increase in rebar rates in India and its impact on the construction industry. It notes that steel production in India declined for the first time in years in FY 2021, falling below consumption levels. The construction and infrastructure industries account for over half of steel consumption in India. Iron ore prices have risen about 25% since March 2021 due to supply issues, and steel prices are expected to keep increasing over the next three quarters as demand from China also rises. The summary advises construction companies to factor in escalating steel costs and properly manage materials to avoid cost overruns on projects.
This document summarizes a report by RNCOS on the US steel industry. It provides an overview of the size and growth rate of the US steel market, segmentation by sector and product type, as well as opportunities and challenges. The US is the 3rd largest crude steel producer globally. Key points include:
- Crude steel production grew 2.5% to 88.6 million tons in 2012 and is forecast to grow at 4.5% annually to 2017.
- Apparent steel consumption grew 10.7% in 2011 and is forecast to grow 4.3% annually to 130 million tons by 2017.
- Flat products account for 58% of apparent steel consumption, followed by long products.
- Growth
The document discusses the major players in India's steel industry. It notes that Steel Authority of India Limited (SAIL) is the leading steel producer and is fully integrated across the steelmaking process. SAIL operates multiple steel plants across India. Other major Indian steel producers mentioned include Tata Steel, Essar Steel, Jindal Steel, and SAIL has established various joint ventures to support its operations.
Steelmaking and Iron Products (Cast Iron, Compacted Graphite Irons, Ductile I...Ajjay Kumar Gupta
The iron and steel industry is one of the most important industries in India. Most iron and steel in India is produced from iron ore. The Indian Ministry of Steel is concerned with: the coordination and planning of the growth and development of the iron and steel industry in the country, both in the public and private sectors; formulation of policies with respect to production, pricing, distribution, import and export of iron and steel, Ferro alloys and refractories; and the development of input industries relating to iron ore, manganese ore, chrome ore and refractories etc., required mainly by the steel industry.
Tags
Cast Iron Production, Development of iron and steel industry in India, Foundry process of cast iron, Grey cast iron, How iron is made, How is iron manufactured?, How is iron produced?, How is Steel Produced, How to Start a Steel Business, How to Start a Steel Production Business, How to start a successful Steel iron business, How to Start an Iron & Steel Business, How to Start an Iron Business, How to Start an Iron Production Business, How to Start Iron Business, How to Start Iron making Industry in India, How to start steel factory, How to Start Steelmaking Industry in India, Indian Iron Industry, Indian Steel Industry, Iron & Steel Business ideas and Opportunities, Iron and steel industry in India, Iron and Steel Manufacturing, Iron and steel manufacturing process, Iron and Steel Production, Iron and Steel, Iron Based Profitable Projects, Iron business in India, Iron industry in India, Iron making Industry in India, Iron making process, Iron making Projects, Iron Production Process, Ironmaking and Steelmaking, Major Iron and Steel Plants of India, Malleable cast iron, Manufacture of steel, Manufacturing Process for Iron and Steel, Modern steel making technology, Most Profitable Steel Iron Business Ideas, New small scale ideas in Iron making industry, New small scale ideas in Steelmaking industry, Process of making steel from iron ore, Process of steelmaking, Production of compacted graphite irons, Production of ductile iron, Profitable Iron & Steel Business Ideas, Profitable Small Scale Steel iron manufacturing, Raw Materials for Steelmaking, Setting up a Steel Factory Business in India, Setting up and opening your Steel iron Business, Small scale Commercial Steel iron making, Small scale Steel iron production line, Starting a Steel Business, Starting a Steelmaking Business, Starting an Iron Business, Starting an Iron making Business, Starting Steel Mini Mill Startup Business, Start-up Business Plan for Iron and Steel, Steel and iron Business, Steel and iron industry, Steel and iron production, Steel business plan, Steel Industry in India, Steel iron making machine factory, Steel iron Making Small Business Manufacturing, Steel making process in detail, Steel making process steps, Steel making Projects, Steel manufacturing process
China's steel industry has grown rapidly in recent decades, making China the third largest steel producer in the world behind the CIS and Japan. While China has significantly increased domestic steel production, demand has outpaced supply, resulting in China becoming an importer of steel, accounting for up to 30% of its consumption. China's role in global iron ore and steel markets has expanded as its industry has integrated further into world trade. As China's steel production continues to rise, its imports of iron ore are projected to increase substantially to meet growing demand, presenting opportunities for major iron ore exporters like Australia. Future trade will depend on China's economic growth and development of a liberal policy environment.
This document discusses three macro trends in copper production and their implications for tellurium supply:
1) Concentrates will be redistributed to larger smelters and refineries in China and India, shifting tellurium production away from North America and Japan.
2) Pressure leaching will be more widely used to process anode slimes, improving tellurium recovery rates from slimes.
3) Non-conventional leaching processes like SX-EW will account for a larger share of refined copper capacity, changing tellurium supply dynamics.
The trends are expected to increase global tellurium production potential but will require coordination to fully realize this potential given the changing geographic distribution of copper refining.
India has become the world’s fourth-largest producer of crude steel. The country is slated to become the second-largest steel producer by 2015 as large public and private sector players strengthen steel production capacity in view of the rising demand.
The total market value of the steel sector in India stood at US$ 57.8 billion in 2011 and is expected to touch US$ 95.3 billion by 2016. Total crude and finished steel production grew at a compound annual growth rate (CAGR) of 6.6 per cent and 4.2 per cent over FY08-11 to reach 69.6 million tonnes (MT) and 66 MT respectively.
Steel consumption is expected to grow at an average rate of 6.8 per cent to reach 104 MT by 2017 driven by rising infrastructure development and growing demand for automotives. The infrastructure sector is India’s largest steel consumer, accounting for 63 per cent of total consumption in FY11. Attracted by the growth potential of the Indian steel industry, several global steel players have been planning to enter the market. The Government of India (GOI) has allowed 100 per cent foreign direct investment (FDI) in the sector through automatic route in order to attract foreign investments.
Global steel production is dominated by China, which produces over half of the world's steel. Other major producers include Japan, the United States, India, Russia, South Korea, Germany, Ukraine, Brazil, and Turkey. Steel production is expected to continue growing in developing countries like India, Brazil, and China. The steel industry faces challenges from availability and costs of raw materials like iron ore and coal.
This document contains notes from two chapters. Chapter 1 discusses differences in import values between 1997-1998 and focuses on trade practices of four countries. It also references several reports and analyses on global steel overcapacity. Chapter 2 discusses declines in domestic shipments, capacity utilization, and jobs in the US steel industry during the Asian financial crisis from 1998-1999. It analyzes import penetration levels and prices. The document provides context on the impact of rising steel imports on the US market during this period.
The document analyzes the major steel industry in India. It provides an overview of the economic environment and demand for steel in India driven by infrastructure and automobiles. It then discusses the production and consumption of steel in India. It analyzes the performance and research & development efforts of major Indian steel companies like SAIL, TATA Steel, JSW Steel, Jindal Steel, and Ispat Industries. It highlights the key investment rationales and concerns for these companies. Finally, it discusses the challenges faced by the Indian steel industry.
Improvement of refractory in nippon steelRadi Nasr
This document summarizes improvements in refractory technology at Nippon Steel Corporation over the past 20 years. Specific refractory consumption has decreased from around 9.5 kg/t-s to 7.5 kg/t-s through advances in materials, construction, repair, and recycling. The proportion of monolithic refractories has increased from 30% to around 70% through improvements to construction technology. Furnace maintenance costs have also been reduced through mechanization and better labor management.
The global sustainable steel market is projected to reach $795.8 billion by 2031 from $327.3 billion in 2021, growing at a CAGR of 8.97% during the forecast period 2022-2031. The growth in the global sustainable steel market is expected to be driven by stringent government regulations, carbon neutrality targets, energy and cost efficiency owing to the use of recycled steel, and a significant increase in steel demand with the scarcity of raw materials and energy.
Executive summary for Rethink Energy's Green Steel market forecastSimon Thompson
Here's the executive summary and a few snippets from "Renewables set to unlock $2.2 trillion Green Steel Monster", which is the report and forecast about the opportunities presented to the Energy Industry in the age of decarbonization.
It’s part of the "Rethink Energy" series and outlines how soaring margins, in the wake of Covid-19, will drive an imminent wave of investment into a new generation of ‘Green Steel.’
It will be powered by a surge in scrap availability, 4,500 TWh of renewable power, and 60 million tons of green hydrogen per year.
Yet as the world’s top five steel-making countries make their net-zero carbon emissions commitments, there is no other way other than radical transition in to the production of ‘Green Steel’.
It all adds up to a 20-fold increase in the Steel’s demand for clean power over the next 30 years.
So, with the necessary supply of renewables, what is needed for the Energy Industry to work with steel manufacturers? And how come recycled steel can only provide half the answer to a net zero future? How quickly will hydrogen-based DRI (Direct Reduced Iron) displace bio-fuel/CCUS (carbon capture & storage) innovation? Why is Sweden set to lay the foundations for an Indian revolution? And what is needed for steelmaking to set itself on course for a zero emissions future?
The answers to these questions and more can be found in "Renewables set to unlock $2.2 trillion Green Steel Monster". Over 64 pages and accompanied by forecast data spreadsheet, it consists of:
1) A study of the global demand for steel from now to 2050 including a detailed breakdown of volume by country;
2) A description of steel production processes by primary (using iron ore) and secondary (scrap);
3) A breakdown of decarbonized steel-making including examples of pilot schemes, setting out a pathway for an 82% reduction in CO2 output by the 2050;
4) A forecast of green steel production by country, region and use (to 2050).
More information and other executive summaries at
https://rethinkresearch.biz/reports-category/rethink-energy-research/
The document provides an overview of the global steel industry and Steel Authority of India Limited (SAIL). It discusses that steel production has grown rapidly worldwide over the past century and India's steel industry has also expanded significantly since the 1990s. SAIL is India's largest steel producer with a turnover of around Rs. 16,500 crores. It aims to increase its global presence through exports, joint ventures, and alliances. SAIL is focusing on cost reduction, improving quality and environmental protection to remain competitive.
[Asian Steel Watch] Vol.2 (2016.10)
Interview - Ask the Guru: Roads Ahead for the Steel Industry
Edwin Basson, Director General of worldsteel talked to Asian Steel Watch about major issues and future of the steel industry: 1) Causes of sluggish global steel demand and forecast for 2017, 2) China’s peak steel and long-term forecast for China’s steel demand, 3) solutions to overcapacity, 4) future of the Asian steel industry, and 5) influence of the Fourth Industrial Revolution on the steel industry.
Procurement Panel - 11th AMM Pipe and Tube ConferenceDhaval Trivedi
I had an opportunity to participate on procurement panel discussing steel procurement challenges and issues for Pipe and Tube manufacturers @ 11th Pipe and Tube Conference organized by American Metal Market (AMM). My presentation provides general idea about global excess steel capacity and what do we see in near term future.
This document compares the strategies of ArcelorMittal and Tata Steel, two major steel companies. It analyzes their corporate strategies, including geographical presence, acquisitions vs organic growth, vertical integration, and portfolio management. It also examines the macro environment of the steel industry using PESTLE analysis and discusses factors like cyclical demand, capacity utilization, costs, trade, and regulations that influence industry strategies. Finally, it provides a SWOT analysis and compares the key strategies of the two companies, such as ArcelorMittal's focus on acquisitions and mining and Tata Steel's emphasis on branding and new product development.
Steelmaking, Shaping, Treating and Processing, Steel and Steel Products (Fast...Ajjay Kumar Gupta
Steel is one of the most important and widely used products in the world. Currently, the steel industry is undergoing a process of change. As a result of ongoing technical and economic developments, the production and use of electric arc furnace steel is, beneath the steel production in a blast furnace, becoming increasingly important, continuously gaining share of world-wide steel production over the past 30 years.
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The document provides an overview of India's steel tubes and pipes industry. Key points include:
1) The industry has experienced slow growth in recent years but sees promising prospects from growing domestic and international demand, especially from the oil and gas sector.
2) Major growth drivers are increasing infrastructure development in India as well as rising global energy demand and pipeline projects in regions like Asia and North America.
3) Key domestic demand sectors include power, oil and gas, ports, airports, and water projects, as the Indian government invests heavily in developing these industries.
4) While leading players face issues like high debt, emerging mid-sized players may see more growth opportunities from expanding demand.
This document provides an overview of strip casting technology as a new continuous casting process for steel production. It discusses the history and development of strip casting. Key advantages of strip casting include substantially lower investment costs compared to traditional production routes due to eliminating multiple processing steps. Strip casting also allows production of thinner strip at stable costs compared to thin slab casting. The process enables casting of steel strip directly from liquid steel which reduces energy usage and environmental emissions in steelmaking. Overall, strip casting has significant potential to lower costs and improve efficiency of steel production.
This document provides an overview of the global nickel industry. It discusses that global nickel production grew until 2007 but declined in 2008-2009 due to the economic crisis, recovering to 1.45 million metric tons in 2010. Production is estimated to reach 1.86 million metric tons by 2013, growing at a CAGR of around 9% from 2010-2013. Europe and Asia are the leading regions for nickel production, accounting for over 70% globally in 2012. Consumption has also been increasing since 2010 and is estimated to grow at a CAGR of around 6.7% from 2013-2017. The document outlines opportunities and challenges for the industry and provides an outlook suggesting consumption growth from infrastructure development though the industry currently faces tough
The document discusses the long-term outlook for steelmaking coal demand. It states that global steel production emits 7-10% of greenhouse gases and meeting climate targets will require various abatement technologies. Demand for high-quality seaborne hard coking coal used in blast furnace steelmaking is forecast to remain strong to support demand in India and Southeast Asia. By 2050, steel demand is forecast to remain robust under different growth scenarios from the IEA. Supply of seaborne steelmaking coal is expected to have a gap compared to demand between 2025-2030 without new projects. Overall, long-term demand for seaborne hard coking coal is expected to remain resilient due to steel demand growth in key importing
The Indian steel industry has grown significantly in recent years. India is now the third largest producer of crude steel globally. Production of total finished steel has increased from 68 million tonnes in 2010-11 to over 91 million tonnes in 2014-15. Consumption is also rising rapidly in India, though per capita consumption remains below the world average due to India's large population. The government has taken several initiatives to support growth of the private steel sector. While the industry was previously regulated, prices are now determined by market forces. The future remains positive for further expansion of the Indian steel industry.
The document discusses the long-term outlook for steelmaking coal demand. It states that while overall steelmaking coal demand is expected to decline slightly by 2050, demand for high-quality seaborne hard coking coal used in blast furnace steelmaking is forecast to remain strong due to expected steel demand growth in regions like India and Southeast Asia that rely on imports. It also notes that technologies like carbon capture and storage will be needed to significantly reduce steelmaking emissions and help meet climate targets, and that blast furnace steelmaking using high-quality coal will continue to play an important role during the transition to lower-carbon steel production methods.
The document discusses the steel industry in India. It provides an introduction to the steel industry, noting that India is the 8th largest producer of crude steel globally. It then discusses the market scenario for steel in India, highlighting increasing consumption. The document also discusses the global steel scenario, major players in the Indian steel industry like SAIL and Tata Steel, pricing strategies, and opportunities for growth in the industry.
The wind energy industry is growing rapidly but faces challenges in the supply chain for anchor bolts, which secure wind turbines to their foundations. Currently, ASTM A722 steel is often specified for anchor bolts but its supply is limited as it can only be produced by one mill in North America. Increased demand from wind projects as well as other industries like bridges is straining the limited supply of ASTM A722 steel. To avoid hindering the continued growth of wind energy, alternative materials to ASTM A722 should be considered and specified for anchor bolts to overcome this supply constraint.
China steel industry (SWOT analysis of chineese steel industryHarshit Arya
The document discusses the steel industries of China and India. It provides the following key points:
- China is the world's largest producer and consumer of steel, but production growth slowed in 2012 due to declining demand. Excess capacity has led to falling steel prices.
- Both countries have abundant raw materials and labor as strengths, but India struggles with low productivity and China faces constraints on resources.
- Opportunities for growth include increasing domestic demand, exports, and infrastructure development. Threats include rising prices of iron ore and coal, and China potentially dumping excess steel.
- The five largest steel producers globally are all Chinese companies, demonstrating China's dominance of the industry. Internal competition is high within
Similar to The steel industry over the next two decades (Moon-Kee Kong, Hang Cho) (20)
Challenges and responses in the Chinese steel industry (Author: Yu Yong)POSCO Research Institute
1) HBIS Group’s business and vision
2) HBIS Group’s experience in integration and restructuring
3) The Chinese government’s restructuring in the future
4) How HBIS is preparing for strengthening environmental regulations
5) Smartization of the Chinese steel industry
6) Global trade conflicts and the steel industry
How steel is helping to achieve a global circular economy (Author: Clare Broa...POSCO Research Institute
There is an increasing focus on making products last longer, reusing or mending them, or even remanufacturing them. This new concept has been branded a circular economy where the focus is on reduce, reuse, remanufacture and recycle (4Rs). The steel industry is well placed to contribute to a circular economy and is part of the solution in addressing environmental concerns for many products and services. Key properties of steel (strength, durability, magnetic properties) make steel a key enabler of a circular economy. This article outlines how the steel industry is addressing current environmental issues as well as how regulations can be utilized to generate an overall environmental improvement of products and services.
Improving sustainable competitiveness in preparation for a circular economy ...POSCO Research Institute
In terms of sustainability and a circular economy, steel is not free from environmental concerns, but steel can become a cornerstone for a sustainable circular economy considering lightweighting, long service life, and rich iron ore reserves, Based on whole life cycle, POSCO is applying life cycle assessment (LCA) to develop products from the perspective of sustainable competitiveness and improve their eco-friendliness. Representative products to which LCA was applied include advanced high strength steel (AHSS), Hyper NO electrical sheet, Giga Steel, and PosMAC.
AHSS applied to gasoline vehicles reduces vehicle body weight, improving fuel efficiency and reducing greenhouse gas emissions. Motor cores with Hyper NO minimize core losses, thereby improving the power efficiency of home appliances and cut greenhouse gas emissions. In terms of PosMAC and Giga Steel, POSCO is preparing for a low-carbon circular economy through a full life cycle database and third-party certification. Developing “PosMent” with a higher slag content, POSCO is strengthening the circular industry ecosystem and reduce greenhouse gas emissions.
The decoupling of gdp and steel demand cyclical or structural (Author: Cheol...POSCO Research Institute
In the 2000s, global steel demand growth consistently surpassed global GDP growth. The dip in global steel demand after 2012 can be mostly explained by the slowdown in global investment and exports. China shifted its growth strategy from investment and exports to consumption as President Xi Jinping took power in November 2012.
∙ The decoupling of GDP and steel demand will last for the time being on several aspects: global investment and exports, raw materials prices forecast, mega trend (aging populations, the sharing economy and the Fourth Industrial Revolution), and major forecast institutions’ prospects. Just as the decoupling of global GDP and steel demand persisted until China emerged as a new growth engine for steel demand after the early 2000s, there is a possibility that the decoupling will repeat. The global steel industry should prepare for this.
The korean steel industry in retrospect : lessons for developing countries(D...POSCO Research Institute
[Asian Steel Watch] Vol.4 (2017.12)
Featured Articles
The Korean Steel Industry in Retrospect : Lessons for Developing Countries
Rising from the ashes of war, Korea has joined the ranks of advanced countries. The rapid development of the Korean steel industry offers lessons to developing countries. The development patterns differ before and after the financial crisis of 1998. Examining the changes that took place around the crisis of 1998 based on factors related to steel use, there are some distinctive items: a significant slowing in the urbanization rate after 1996, gross capital formation as percentage of GDP declining after peaking in 1996, and the Korean economy being shifted from government-driven to market-driven. The author adopted various theories to re-examine the success factors and offer implications for developing nations—catch-up theory, infant industry argument, fourth factor of production, Lewis turning point, and endogenous growth theory.
Based on its analysis on the development and success factors of the Korean steel industry, this article offers several policy implications for developing countries. The first is the importance of the government’s role and strategic decisions. The second implication is entrepreneurial leadership and a “can-do” attitude. The third is the importance of industrial policy based on medium- to long-term outlook for supply and demand. Finally, there is the importance of determined drive of technological development and R&D investment.
Restructuring Scenario of the Indian Steel lndustry to Enhance Its Global Com...POSCO Research Institute
On the Cover
Restructuring Scenario of the Indian Steel lndustry to Enhance Its Global Competitiveness
The Indian government has recently released the“National Steel Policy (NSP) 2017,”which declares the aim of increasing steel production capacity from 122 Mt in 2015 to 300 Mt in 2030 in order to attain self-sufficiency. However, the insolvency issue recently looming large in the Indian steel industry makes this goal appear somewhat hollow. As of March 2016, the Indian steel industry’s debt surpassed INR 3 trillion, and between INR 1.15 to 2 trillion within it is categorized as non-performing assets. However, steel imports are not the only culprit in the insolvency of the Indian steel industry. There are other fundamental reasons underlying the insolvency. The first relates to policies based on the ripple effect from the NSP 2005. The second cause of insolvency is investment fervor among Indian steelmakers, which left huge aftermath within the industry. Restructuring of the Indian steel industry will be mainly led by Tata and JSW.
Now is the right time for the Indian government to seek not only quantitative growth, but also qualitative improvement to enhance the global competitiveness of the domestic steel industry.
[Asian Steel Watch] Vol.3 (2017.6)
Featured Articles
Chinese Steel Moves along the One Belt, One Road
After President Xi unveiled the concept of a“New Silk Road”in September, the Chinese government began to actualize the“New Silk Road”and announced One Belt, One Road (OBOR) in March 2015. China has contributed USD 40 billion to a Silk Road Fund to finance OBOR and established the Asian Infrastructure Investment Bank (AIIB). China also held a major OBOR summit in May 2017. The Chinese steel industry has begun to search for a way forward through OBOR for the following reasons: falling steel consumption; prolonged oversupply with declining steel prices; and the spike in financial, environmental, and labor costs. The OBOR project is positive in that it boosts steel demand and address overcapacity; however, it needs adjustment and balance to prevent any dispute and side effect.
The Impact of Sino-Indian Economic Cooperation on the Indian Steel Industry(J...POSCO Research Institute
[Asian Steel Watch] Vol.3 (2017.6)
Featured Articles
The Impact of Sino-Indian Economic Cooperation on the Indian Steel Industry
In the mid-2000s, Sino-Indian trade and investment began to expand. In light of India’s strategic culture, the economic cooperation between India and China will continue. India exports iron ore to China, while it imports steel products from China. India’s trade deficit with China is surging, dragging India down into chronic steel deficits with China. In early this year, the Indian government released draft National Steel Policy of 2017 (NSP) with an aim to boost its crude steel capacity to 64 Mt by 2030 to satisfy the continuously rising domestic steel demand and to export some steel products.
[Asian Steel Watch] Vol.3 (2017.6)
On the Cover
Will the Shipbuilding Industry Flourish Again?
The shipbuilding industry will be recovered in the long term backed by global economic growth and highly influenced by environmental issues and technological advances. Under strict environmental regulations, demand for eco-friendly ships will rise. Ships will be required to use low-sulfur fuel oil. A wide range of technologies will bring about differentiated and innovative types of ships. Under the influence of the Fourth Industrial Revolution, remotely controlled or fully autonomous ships will become available in the future. Emerging technology will not only change ships, but also shipyards and the shipping and port industries. The changing steel industry will result in qualitative changes of steel products. As vessels become larger and lighter, the steel intensity of ship’s tonnage will fall continuously, and then decline even further following the rise of electric propulsion, unmanned, and autonomous ships.
The Impact of China’s Early "Peak Steel" and Scrap Generation on Steel Raw Ma...POSCO Research Institute
1) China has already reached its peak steel demand of 766 million tons in 2013 according to POSCO Research Institute forecasts. Demand is expected to gradually decline to 670 million tons by 2020 and 650 million tons by 2025.
2) China's steel production growth slowing since 2013 has contributed to declining global iron ore and coking coal prices as major suppliers expanded capacity. China's steel production is strongly correlated with prices of these raw materials.
3) As China's steel demand declines and obsolete steel scrap generation increases, the structure of China's steel production is expected to change with increased electric arc furnace production and higher scrap usage in integrated mills. This will further reduce China's demand for iron ore and coking
The Demographic Cliff: How It Will Impact Asia’s Steel Demand (Cheol-Ho Chung)POSCO Research Institute
[Asian Steel Watch] Vol.2 (2016.10)
Featured Articles
The Demographic Cliff: How It Will Impact Asia’s Steel Demand
Changes in working-age population determine economic fundamentals. They are directly related to steel demand, because the working-age population is the main consumer group of houses and vehicles, the key sources of steel demand. Therefore, the acceleration of decline in working-age population will have a negative impact on economic growth and steel consumption.
Learning lessons from advanced countries about the experience of population aging, there are some characteristics in common: the share of manufacturing shrinks in the economic structure, while the share of service increases; and steel consumption declines after a peak. Particularly in the case of Japan, which is the world’s most aged society, changes in working-age population has a strong correlation with changes in the steel-consuming industries and steel consumption.
The decrease in working-age population in Korea, China, and Japan, which have led growth of the global steel industry until now, will have a negative impact on global steel demand in the medium to long term. It is unlikely that India and the ASEAN’s demand will grow fast enough to offset the decline in steel demand in the three East Asian countries.
Accelerating digital transformation with smart factory to unlock new value c...POSCO Research Institute
[Asian Steel Watch] Vol.2 (2016.10)
On the Cover
Accelerating Digital Transformation with Smart Factory to Unlock New Value: Case of POSCO
In the face of the great paradigm shift brought on by the Fourth Industrial Revolution, many Asian steelmakers are taking preemptive measures to maintain competitiveness and contribute to the advancement of manufacturing. POSCO is also one of the leading global steelmakers in this arena. POSCO is building the world’s first continuous-process steel plant model in its Gwangyang Steelworks plate factory that houses integrated processes for steelmaking, continuous casting, and rolling. POSCO has achieved major outcomes in the realization of a smart factory, such as the development of the “digital genome map” to tackle challenges of smart factory initiatives and the construction of PosFrame—POSCO’s smart factory platform for continuous process industries. It also has conducted various smart factory projects, including material to final product defect tracking, minimizing unnecessary scarfing in the continuous casting process, and new product development simulation in cyberspace.
[Asian Steel Watch] Vol.1(2016.1)
Market Trend and Analysis
Asian Steel Market Outlook: Next Ten Years
(Author: Cheol-Ho Chung, Moon-Kee Kong, Bu-Sik Choi, Ji-Mi Chu, Center for Economic Research and Information Analysis)
The ASEAN Economy:Assessment and Outlook
KOREA
CHINA
JAPAN
INDONESIA
VIETNAM
THAILAND
MALAYSIA
INDIA
Increased trade barriers in southeast asia following a rapid rise in steel im...POSCO Research Institute
The document discusses the steel industry in Southeast Asia. It notes that at a 2015 conference, Southeast Asian countries raised concerns about surging steel imports from China, which have doubled in recent years. This has led to a loss of competitiveness for domestic steel industries. Though steel production is rising in Southeast Asia, it still falls short of demand, which is met through imports, especially from China, Korea, and Japan. There is increased competition among steelmakers from these countries to establish production facilities and expand their businesses in Southeast Asia.
Korea's next big manufacturing leap innovation based on culture, creative wo...POSCO Research Institute
[Asian Steel Watch] Vol.1(2016.1)
Featured Articles
Korea's Next Big Manufacturing Leap: Innovation Based on Culture, Creative Workforce, and Technology
[Asian Steel Watch] Vol.1(2016.1)
Xin chang tai (新常态) is the term that most accurately characterizes China’s economy today. It is a literal translation of the English term new normal, meaning “a new state of normality.”After reform and opening up, China’s economy maintained a double-digit annual growth rate for decades, then slowed to around 7% in 2012. Chinese authorities have described this as the “new normal” state, to which they intend to adjust China’s economic policy.
China’s new normal does not mean abandonment of growth, but rather a transition to a new way of growth. Changes in China’s economic fundamentals have confronted China’s steel industry with “new normal”market environment and structures. The industry has set out in search of new solutions.
24 Changing China’s Steel Industry in the New Normal (Dr. Ahn, Byung-kuk)
30 China's Steel Enters a “Peak Zone“: Arguments and Projections (Choi, Young-hun)
36 The Impact of China’s Early “Peak Steel“ and Scrap Generation on Steel Raw Materials Prices (Dr. Jin-Seok Huh)
42 China's Steel Exports, Reaching 100 Mt: What It Means to Asia and Beyond (Dr. Chung, Cheol-Ho, Dr. Nam, Dae-yub)
48 Dilemmas in Restructuring China’s Steel Industry (Dr. Li Wan-Yong)
54 Chinese View on the New Normal (Li Xinchuang, President of MPI) (Dr. Li Xinchuang)
The new normal era and how to survive it (Wolfgang Eder, Chairman and CEO of ...POSCO Research Institute
[Asian Steel Watch] Vol.1(2016.1)
Interview with worldsteel Chairman
Wolfgang Eder, 63, has been Chairman of the Management Board of voestalpine since 2004. Under his leadership, the Group almost tripled its revenue from around EUR 4 billion to more than EUR 11 billion and developed from a traditional European steel-producing company to a technology and capital goods group that operates globally and enjoys above average profitability.
Mr.Eder took over the office of worldsteel Chairman for a second term in October 2015 – the first time in the 50-year history of the organization that an incumbent Chairman was reelected. worldsteel is the second largest industry association worldwide, which has around 170 association members, representing 85% of global steel production. He was also President of the European Steel Association EUROFER from October 2009 to May 2014.
Dr. Wolfgang Eder
Chairman and CEO of voestalpine AG, Chairman of worldsteel
Revisiting the history of steel production process and its future direction (...POSCO Research Institute
[Asian Steel Watch] Vol.1(2016.1)
Steel is one of the most fundamental industrial materials that has sustained human civilization for millennia. Backed by rich steelmaking esources and reserves, the steel industry has continued to grow thanks to the superior characteristics of steel materials, economic and efficient mass production, and the evolution of steel technology. While adapting to the changing business environment, the steel industry will continue to develop in step with the progress of human civilization. This article examines the evolution of steel technology throughout history, and forecasts the future development of the steel production process.
Kang, Chang-oh
Former President and CTO, POSCO
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Event Report - SAP Sapphire 2024 Orlando - lots of innovation and old challengesHolger Mueller
Holger Mueller of Constellation Research shares his key takeaways from SAP's Sapphire confernece, held in Orlando, June 3rd till 5th 2024, in the Orange Convention Center.
Industrial Tech SW: Category Renewal and CreationChristian Dahlen
Every industrial revolution has created a new set of categories and a new set of players.
Multiple new technologies have emerged, but Samsara and C3.ai are only two companies which have gone public so far.
Manufacturing startups constitute the largest pipeline share of unicorns and IPO candidates in the SF Bay Area, and software startups dominate in Germany.
B2B payments are rapidly changing. Find out the 5 key questions you need to be asking yourself to be sure you are mastering B2B payments today. Learn more at www.BlueSnap.com.
Best practices for project execution and deliveryCLIVE MINCHIN
A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
HOW TO START UP A COMPANY A STEP-BY-STEP GUIDE.pdf46adnanshahzad
How to Start Up a Company: A Step-by-Step Guide Starting a company is an exciting adventure that combines creativity, strategy, and hard work. It can seem overwhelming at first, but with the right guidance, anyone can transform a great idea into a successful business. Let's dive into how to start up a company, from the initial spark of an idea to securing funding and launching your startup.
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Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
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This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
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This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
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19. Microsoft’s Digital Transformation Framework
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Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
Company Valuation webinar series - Tuesday, 4 June 2024
The steel industry over the next two decades (Moon-Kee Kong, Hang Cho)
1. 38 Asian Steel Watch
The Steel Industry
over the Next Two Decades
Dr. Hang Cho
Senior Principal Researcher
POSCO Research Institute
hcho@posri.re.kr
Dr. Moon-Kee Kong
Senior Principal Researcher
POSCO Research Institute
mkkong@posri.re.kr
This article comprehensively reviews how mega-
trends in the major steel-consuming industries
as explained in the preceding articles will impact
the global steel industry. Fundamentally, the
global steel industry will face the following four
challenges over the next twenty years, driven by
a continuous rise in global steel demand; slowing
steel demand growth due to decreasing steel in-
tensity; a need for more advanced steel products;
upgrading to eco-friendly and smart steelmaking
processes; and changes in manufacturing based
on the Fourth Industrial Revolution.
Slowing steel demand growth with decreasing
steel intensity
An industry-wise approach is used to forecast
global steel demand: steel demand in each
steel-consuming industry is projected and then
combined in order to estimate total
steel demand. To this end, production
and steel intensity1 in each of the four
major steel-consuming industries are
projected through 2035 as shown in Table 1. By
multiplying production amount (or investment
amount) by steel intensity, the steel demand for
each industry can be calculated.
In the automobile industry, global produc-
tion is expected to grow at a compound annual
growth rate (CAGR) of 1.6% through 2035, but
steel intensity per vehicle is projected to fall
by about 20% by 2035 compared to 2015. This
means that it will be difficult for steel demand in
the automobile industry to increase. The same
is true for the shipbuilding industry, but steel
demand in this sector is indeed expected to grow
slowly since shipbuilding demand is estimated
to recover starting around 2025 and the decline
in steel intensity will remain around only 10%.
In the case of the construction industry, a steady
increase in global construction investment will
offset the decline of its steel intensity, leading to
a stable overall increase in steel demand. In the
energy sector, there will be only slight changes
in steel intensity and energy investment, so steel
demand will follow suit.
1
Steel intensity is defined as the
amount of steel used per unit of
production or investment.
FUTURE MEGATRENDS
AND THE STEEL INDUSTRY
2. Vol.03 June 2017 39
Table 1. Forecast of Production and Steel Intensity of Steel-Consuming Industries
Note: Steel intensities are normalized (2015 = 100)
Automobile Shipbuilding Construction Energy
Production
(mil. unit)
Steel
Intensity
New Orders
(mil. GT)
Steel
Intensity
Investment
(USD Tril.)
Steel
Intensity
Investment
(USD Tril.)
Steel
Intensity
2015 92 100 79 100 9.0 100 1.8 100
2025 114 89 61 97 11.5 91 1.7 98
2035 127 80 109 90 13.4 84 1.7 99
The Steel Industry over the Next Two Decades
Combining all accounts, the global steel de-
mand forecast is shown in Figure 1. With the
emerging trends of global climate action and the
Fourth Industrial Revolution as already described
in other articles, global steel demand will continue
on a path of expansion, although the growth rate
will moderate. From 2016 to 2025, steel demand
will grow at a CAGR of 1.2%, while for the suc-
ceeding decade it is expected to remain at 0.9%. By
industry, the construction industry will be a main
driver for lifting steel demand. Steel demand in
the construction industry will increase rapidly to
reach 920 million tonnes (Mt) in 2035, accounting
for almost 50% of total steel demand. However,
steel demand in the automotive and energy indus-
tries will just be maintained, while steel demand
in shipbuilding will expand moderately after 2025.
Steel demand in other sectors such as machinary
and domestic appliances is not analyzed in detail.
However, as a result of regression analysis using
industrial production index forecast, it should rise
by around 1%. All in all, global steel demand will
reach 1.69 billion tonnes by 2025 and 1.86 billion
tonnes by 2035. Therefore, it can be concluded
that global steel demand has not yet peaked and
will not do so within the next two decades.
A need for more advanced steel products
The second challenge facing the global steel
industry is how it will properly respond to
steel-consuming industries’ stricter and more
diverse requirements for steel products under the
influence of evolving megatrends. Their needs
will become more sophisticated mainly in three
areas: high strength and high toughness, high
corrosion resistance, and high performance.
These were of course requirements in the past,
but today steel-consuming industries need even
higher-strength and more corrosion resistant
steel with better performance than ever before.
The steel industry will inevitably progress from
the quantitative growth of the past twenty years
to a future of qualitative growth.
The global steel industry must astutely overcome
the challenges.
3. 40 Asian Steel Watch
FUTURE MEGATRENDS
AND THE STEEL INDUSTRY
In the automobile industry, weight reduction
has become a central issue due to demanding en-
vironmental and fuel economy regulations. High-
strength steels are increasingly being adopted
in response to stricter collision regu-
lations. To meet such requirements,
steel companies have developed and
expanded the application of high-
strength steels through joint research
on minimizing the weight of a vehicle’s
body, including the Ultra Light Steel
Auto Body (ULSAB) Program in 1994,
the Ultra Light Steel Auto Body-Ad-
vanced Vehicle Concepts (ULSAB-AVC)
Program in 1999, and the Future Steel
Vehicle (FSV) in 2008.
Auto steel has continuously im-
proved in strength, reaching 450MPa
in ULSAB, 1GPa in ULSAB-AVC, and
1.5 GPa in FSV. GigaPascal steels have
already been adopted in Dual Phase
(DP),2 Complex Phase (CP),3 and
Hot Press Forming (HPF)4 steels for
the FSV projects currently underway. Moreover,
most flat products used for automobiles are high-
strength flat products. However, the stronger
the steel becomes, the more its formability is re-
duced. POSCO has recently mass produced twin-
ning-induced plasticity steel TWIP5 to provide
both strength and ductility.
Ensuring corrosion resistance is one of the
ultimate goals of the steel industry. High-resis-
tance stainless steel 409L is used for automotive
exhaust systems, including mufflers, in order to
withstand thermal oxidation. Its application has
recently expanded to exhaust manifolds since the
manifold is close to the engine and thus exposed
to high temperatures. Heat-resistant products
such as 429EM, High Cr, and 310S are being used
for manifolds. In addition, demand is rising for
steel products with more diverse functions, such
as hyper non-oriented (NO) electrical steel for
the motors of electric vehicles and bio-shield and
vibration damping steel for sensors.
In the energy and shipbuilding industries, the
development, production, and transmission of oil
and gas are increasingly being conducted under
extreme conditions such as deep underwater and
in the Arctic. High-strength and high-toughness
steels are required for standing up to such harsh
environments. As offshore structures become
larger, they require ultra-thick steels and high-
strength steels with yield strengths of over 500
MPa. High fracture toughness steel must with-
stand extreme cold weather with temperatures
below -60°C to be used in the polar regions. In
particular, brittle crack-arrest steel is being de-
veloped and used to provide facture toughness in
2
DP steels consist of
a ferritic matrix containing a hard
martensitic second phase in the
form of islands. Increasing the
volume fraction of hard second
phases generally increases
strength.
3
CP steels contains
small amounts of martensite,
retained austenite and pearlite
within the ferrite/bainite matrix.
In comparison to DP steels,
CP steels show significantly
higher yield strengths at tensile
strengths of 800MPa and greater.
4
HPF is the combination of
press-hardening applications
and hardenable steels. In this
process, conventional boron steel
is heated to about 880 to 950° C,
formed hot and then cooled, i.e.
hardened, in the die.
Figure 1. Global Steel Demand Forecast
Source: POSCO Research Institute
Note: 1) Shipbuilding sector includes other transportation,
2) Demand for other sectors is forecast using industrial production index
Other
Energy
Shipbuilding
Automobile
Construction
2015 2025 2035
CAGR
1.2%
CAGR
0.9%
[‘16-’35]
711
843 920
208
114
98
517
210
67
98
472
195
72
102
420
1,501
1,690
1,857 1.1%
1.0%
-0.2%
2.3%
0.3%
1.2%
(Mt)
4. Vol.03 June 2017 41
Table 2. Requirements for Steel Products by Steel-consuming Industry
Automobile Energy/ Shipbuilding Construction
High strength &
high toughness
Expanded application of giga-pascal
AHSS for lighter cars
DP, CP, HPF, TWIP, etc.
High strength low-temperature
toughness steel for deep-sea polar
exploration
BCA, TMCP, etc.
High strength steel for skyscrapers/
super-long span bridges
High strength reinforced bar, section,
cable
High corrosion
resistance
Heat resistant Stainless steels for
exhaust systems
429EM, high Cr, 310S
Sour(H2S) resistant steel for extream
conditions
API steel for linepipe
High corrosion resistant steel for high
temperature, high humidity environ.
PosMAC, ZAM, Super Dyma, etc
High performance
Highly efficient hyper NO for EV motors,
bio-shield steel for sensors, vibration
damping steels
Thick plate for offshore wind towers,
radiation shield plate for nuclear power
plants
High performance steel for interior/
exterior building applications
Thermal insulation, self-cleaning,
anti-bacterial, sound-proof
the welded joints of shipbuilding steel.
Line pipe steel also needs to become stronger to
withstand increasing pressures and reduce the use
of steel; API (American Petroleum Institute) X80
grade steel is consequently being increasingly ad-
opted for line pipes. Furthermore, demand is also
rising for ultra-thick and high-deformability steel
to improve low-temperature toughness (to -20°C)
for the deep-water environment or for resistance
to seismic ground movement. For the shipbuilding
industry, vessels are increasing in scale and ships
such as container ships, tankers, and bulk carriers
require high-strength and ultra-thick steel to hone
shipping efficiency and high-toughness steel to
enhance the safety of structures.
In the meantime, line pipe steel is exposed
to different forms of corrosion as oil or natural
gas is transmitted from production bases to
customers. Particularly in a sour environment
in which hydrogen sulfide (H2S) is present as an
impurity in oil or gas with water, steel materials
become prone to cracking and must be resistant
to Hydrogen-induced Cracking (HIC)
and Sulfide Stress Corrosion Cracking
(SSCC). Radiation shield plates are
used in nuclear power plants, and ul-
tra-thick plates are applied in the wind
turbine towers that account for more
5
TWIP (Twinning-Induced
Plasticity) steel is a class of
austenitic steels which can
be deformed by both glide
of individual dislocations and
mechanical twinning.
The Steel Industry over the Next Two Decades
Figure 2. Lightweight Autobody Projects
UltraLight Steel Autobody UltraLight Steel Autobody-
Advanced Vehicle Concepts
Future Steel Vehicle
ULSAB (‘94~’98) ULSAB-AVC (‘99~’02) FSV (‘08~’20)
Developed by 35 steel
companies around the world
Developed by 33 steel
companies around the world
Developed by 16 steel companies around the world
25% weight reduction using the
TWB technique, HSS, and UHSS
CO² 140g/km, 20-30% weight
reduction through concept
design of entire vehicle
Aims for 35% weight reduction with an optimal
structure for application to future vehicles (PHEV,
EV, and FCEV)
5. 42 Asian Steel Watch
FUTURE MEGATRENDS
AND THE STEEL INDUSTRY
steel developed by US Steel, often referred to by
the generalized trademark COR-TEN. This mate-
rial is allowed to rust in order to form a protec-
tive coating and improve corrosion resistance.
With no need for painting, it is cost-effective
and provides a pleasing rustic antique appear-
ance. Recently, titanium is also being used for a
coating.
With the rise in the cost of zinc, highly cor-
rosion-resistant but affordable steel materials
are gaining prominence. One case in point is
hot-dip Zn-Mg-Al alloy-coated steels, such as
Nisshin ZAM, NSSMC Superdyma, JFE Ecogal,
and POSCO PosMAC. By adding aluminum and
magnesium to the coating, hot-dip Zn-Mg-Al al-
loy-coated steel achieves the same performance
while using 50-70% less zinc than conventional
hot-dip galvanized steel. It can be widely utilized
in housing components, podiums, cattle sheds,
shutters, and electronics and automobile com-
ponents. In addition, steel products with various
functions, such as thermal insulating, self-clean-
ing, anti-bacterial, and sound-proofing qualities,
than 80% of the components for erecting a wind
turbine. As wind power becomes widespread,
more high-strength and high-toughness steel will
be adopted.
In the construction sector, steel materials
must become stronger and more corrosion-resis-
tant to meet safety concerns and for the reduc-
tion of life-cycle costs. As buildings become high-
er and larger and bridge spans grow longer under
the trend toward megacities, high-strength steel
materials are gaining ground. In the case of South
Korea, 800 MPa high-strength steel was used for
trusses and columns in the 120-story (555-meter)
Lotte World Tower, and 2.1 GPa steel cables were
applied in the Yi Sun-sin Bridge with its main
span length of 1,545 meters.
Cost-saving efforts are being expanded across
the construction industry by developing engi-
neering technologies that simplify construction
design and execution and by selecting optimized
materials able to extend the lifespan of buildings
and structures.
A representative steel material is weathering
Figure 3. Adoption of High Strength Steel in ULSAB, ULSAB-AVC, and FSV
Source: World Auto Steel
270
340
370
400
420
450
500
600
700
800
900
980
1000
1200
1470
1500
1520
100.0
90.0
80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0.0
BodyStructureMAss(kg)
Tensile Strength (MPa)
ULSAB ULSAB-AVC FSV
4.8
50.7
9.2
1.4 5.7
16.4 17.8
22.0 22.5
4.3
12.1
20.9
Table 3. Steel Use Proportion in FSV
Steel type Share
Mild Steel 2.6%
HSLA 450/BH 340 32.7%
Mart 1200 1.3%
DP 500600 11.8%
DP 800 9.5%
DP 1000 10%
TRIP 980 9.5%
TWIP 980 2.3%
CP 1000-1470 9.3%
HF 1500 11.1%
6. Vol.03 June 2017 43
are being developed as internal and external
construction materials.
Upgrading to eco-friendly and smart steelmak-
ing processes
The rising megatrend of global climate action will
compel steelmaking processes to become more
eco-friendly. In the face of environmental con-
cerns, the steel industry has been attempting to
advance energy-saving and recycling technologies
and develop new steelmaking processes to replace
the conventional blast furnace (BF) operations.
Such efforts will continue in the future.
Various types of energy-saving technologies
are being developed for BF, which consume the
largest share of energy in the steel-making pro-
cess. Hot oxygen injection is a technology in
which oxygen is directly injected into the BF to
improve productivity by 15% compared to a con-
ventional BF. Developed by the U.S. Department
of Energy (DOE), the technology is currently
in the pilot stages. Blast furnace heat recupera-
tion recycles the BF exit gas at a temperature of
250°C into a burner to preheat stove combus-
tion air. This technology reduces fuel costs and
heightens fuel efficiency, although the effects
differ with the scale of the BF. Research into this
technology began in the 1980s and a demonstra-
tion plant has been developed. In addition, plas-
ma blast furnaces apply plasma, which is widely
used in the chemical and metal industries, to the
BF process to minimize metal losses. The tech-
nology was primarily developed by the European
Steel Association and has already completed va-
lidity testing.
One of the major themes of research into
the steelmaking process is recycling slag, dust,
and other surplus oxides generated as waste
materials during steelmaking. The U.S. Depart-
ment of Energy (DOE) and the Massachusetts
Institute of Technology (MIT) have conducted
joint research on methods for increasing the iron
recovery rate from slag. Japan’s JFE Steel has
performed research on technologies for recycling
steelmaking slag into “marine blocks.” These two
The Steel Industry over the Next Two Decades
Figure 4. The Lotte World Tower and the Yi Sun-sin Bridge in Korea
Source: shutterstock Source: tour.yeosu.go.kr
7. 44 Asian Steel Watch
FUTURE MEGATRENDS
AND THE STEEL INDUSTRY
research on technologies to separate iron and
zinc from the dust generated in a rotary heat fur-
nace. The DOE and Advanced Industrial Science
and Technology (AIST) are developing technol-
ogies to reduce waste oxides in the steelmaking
process and improve the iron recovery rate.
Furthermore, new iron-making technologies
are being developed to replace the conventional
BF, including POSCO’s FINEX, Siemens VAI’s
COREX, the Tecnored process, and Kobelco,s
ITmk3. These processes use fine iron ore or pul-
verized coal to reduce energy use and minimize
hazardous substances such as SOx and NOx.
To address environmental concerns, the steel-
making process must not only adopt energy-sav-
ing and recycling technologies and new alternative
technologies, but also focus on reducing carbon
dioxide emissions. In the short term, carbon di-
oxide capture technologies can be applied to each
process to reduce CO₂ emissions, but for the long
term the steel industry is gearing up to develop
carbon-free technologies such as the hydrogen
reduction process.
Creating value through a smart transformation
using IoT, Big Data and AI
Another emerging megatrend is Industry 4.0.
This refers to the Fourth Industrial Revolution,
which succeeds the First Industrial Revolution
triggered by the advent of steam engines in the
18th century, the Second Industrial Revolution
characterized by mass production in the ear-
ly 1900s, and the Third Industrial Revolution
brought about by plant automation in the 1970s.
The key characteristic of the Fourth Industri-
al Revolution is the digitalization of manufactur-
ing using advanced ICT technologies, including
big data and AI. It involves a more gradual evolu-
tion compared to the past industrial revolutions
that brought about more sudden and radical
shifts. The advancement of ICT technologies will
in the future convert steel plants into smart facto-
ries. Smart steel plants collect data on-site using
IoT (smart sensing), analyze and predict the status
of production processes based on big data (smart
analytics), and optimize production while using AI
Figure 5. Development of the Future Steelmaking Process
Carbon
Capture
Advanced Direct Reduction
with Carbon Capture and Storage (ULCORED)
Carbon Capture Storage Technology
Carbon
Free
Hydrogen Reduction Process
Hot Oxygen Injection
BF Heat Recuperation
Plasma BF
BF Slag Heat Recovery
Energy
Saving
Basic Oxygen Furnace Slag
RHF Dust Recycling
Recycling of Waste Oxides
in Steelmaking Furnace
Recycling
FINEX
COREX
Tecnored
ITmk3
New
Iron-making
Processes
Source: POSCO Research Institute
8. Vol.03 June 2017 45
to automatically control the overall process.
The smartening of the steel industry will be
most effective in three areas: advanced factory
automation, smart manufacturing system, and
internalization of know-how.
• Advanced Factory Automation: Wireless mea-
surement and monitoring, including tempera-
ture measurement using sensors, robot scarfing,
and autonomous cranes using location recogni-
tion sensors and software
• Smart Manufacturing Systems: Prediction of
potential production defects and facility mal-
functions using big data, effective production
scheduling using AI, and integration of facilities
and systems at steel plants via IoT (current
manufacturing execution systems are separately
operated by plants)
• Internalization of Know-How: Converting im-
plicit knowledge into explicit knowledge in the
form of manuals, and improving work styles
through the realization of smart workplaces.
Smart Factories are anticipated to bring about a
great number of benefits: reduction of product
error rates and decision-making time, inventory
minimization, enhancing facility maintenance,
reduced number of accidents, and quicker re-
sponse to errors. Such positive effects will imme-
diately result in cost reductions.
The concept of smart factories in the steel
industry will develop from automation to smart-
ening. Smart factories will have to integrate
each smart process at the enterprise level in
order to maximize efficiency and develop new
profit-making models using smart solutions to
create value for customers. The steel industry will
inevitably progress from the quantitative growth
of the past twenty years to a future of qualitative
growth. To this end, the steel industry needs to
boost capabilities for smart transformations and
continuous product and process innovation; and
build a sound steel ecosystem by strengthening
partnerships with steel-consuming industries
and seeking open innovation in the development
of steel products and solutions. The global steel
industry must astutely overcome the challenges
of the future in order to remain a key industry.
Figure 6. Smart Transformation in the Steel Industry
Connected
SmartSensing SmartAnalytics SmartControl
Automation
Smartization
Smart Solutions
On-site data collection using IoT
Enhanced efficiency in
process using computer
technology
Improved competitiveness
through smartization of
all work processes by
employing big data AI
Integrated smart processes
to bring transformation
and create profits
New Values
Improving competitiveness
Creating new business value
Analysis forecast based on big data AI-based optimization and autonomous
control of entire processe
Data-driven Intelligent
The Steel Industry over the Next Two Decades
Source: POSCO Research Institute