Press Release
Press Release
The global market for steel is being driven by its growing demand across downstream industries such as the automotive, infrastructure, energy, and machinery sectors. Steel finds increased usage in the production of automotive parts such as body structure, panels, doors, tyre rims, and fuel tanks, among others. The growing sales and production of vehicles are anticipated to support the market growth in the forecast period. Furthermore, building and infrastructure is one of the leading end use sectors of steel, and it accounts for over 50% of the world steel demand. In this regard, the rapid urbanisation and the heightened infrastructure development activities worldwide, spurred by the growing global population, are anticipated to prove beneficial for the market growth in the forecast period. Moreover, the rising expenditure on the development of renewable energy generation plants such as solar power plants, wind turbines, and hydroelectric power generation, among others, is expected to bolster the demand for steel in the forecast period.
The growing focus of the market leaders on M&A, aimed at expanding their production capacities is anticipated to support the market growth in the coming years. For instance, in January 2022, the joint venture between ArcelorMittal S.A. (OTCMKTS: AMSYF) and Nippon Steel Corporation (OTCMKTS: NPSCY), ArcelorMittal Nippon Steel India (AMNS India), announced its plan to invest Rs 1,66,000 crore in six projects across Gujarat to increase the steel production capacity in the region. Furthermore, in February 2022, Nucor Corporation (NYSE: NUE) announced the successful acquisition of a majority ownership of California Steel Industries, Inc. (CSI) through the purchase of a 50% equity interest from a subsidiary of Vale S.A. (Vale). This acquisition will help expand the company’s presence in the Western region and will further enhance its ability to produce a range of value-added sheet products.
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The major players in the global steel market are ArcelorMittal S.A., Ansteel Group Corporation Limited, Nippon Steel Corporation, HBIS Group Co., Ltd., Jiangsu Shagang Group, POSCO Holdings Inc., JFE Steel Corporation, Tata Steel Limited, Hyundai Steel Co., Ltd, and China Baowu Steel Group 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.
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
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