Press Release
Press Release
The flat steel industry is expected to grow due to rising consumer demand for automobiles, fuelled by the growing global population and its resulting transportation needs. In this sense, the flat steel sector is predicted to increase as the need for lightweight automobiles grows due to its low fuel consumption qualities. The government's increasing investments in infrastructure development are also expected to help the market thrive. The rapidly growing construction industry is anticipated to propel flat steel demand in construction and infrastructure applications. Flat steel's recyclability and reusability are likely to boost its overall popularity in the coming years. China is one of the world's largest steel producers and a major exporter. Flat steel is increasingly used in garden shelters, fencing, autos, construction, machinery, and a variety of other applications. Flat steel demand is being catalysed by rising vehicle demand, which is expected to propel market expansion in the future years. Furthermore, increased demand in the construction industry is projected to drive market growth in the forecast period.
Increased demand for steel in many application industries, such as automotive and construction, propels the demand for flat steel. For instance, ArcelorMittal (NYSE: MT) announced the purchase of Essar Steel India Limited (ESIL), a fully integrated flat carbon steel manufacturer in Gujarat, India, in December 2019. At the same time, ArcelorMittal and Nippon Steel Corporation (TYO: 5401) formed ArcelorMittal Nippon Steel India Limited, a joint venture that owns and operates ESIL. As a result of this acquisition, the company's market presence in India will be strengthened further in the coming years.
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The major players in the global flat steel industry are ArcelorMittal, PT KRAKATAU NIPPON STEEL SUMIKIN (KNSS), Baosteel Group Corporation, Tata Steel Limited, and JFE Steel Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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