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The global structural steel industry is being driven by heightened urbanisation and growing housing demands. In the major world regions with high population density, rapid urbanisation and industrialisation are being observed. These are leading to an increased development of residential and non-residential buildings to fulfill the housing and infrastructural demands of the growing population. Moreover, along with rapid technological advancements, new and improved product varieties are being introduced in the market. This factor is likely to provide impetus to the market in the forecast period.
The growing focus of the leading players to enhance the production of structural steel by applying advanced technological solutions is expected to catalyse the industry growth in the forecast period. In May 2021, Ternium S.A. (NYSE: TX) announced the successful launch of their new hot rolling mill located in the Ternium Industrial Center in Pesqueria, Mexico, which produced its first two coils. In addition, this mill has the capacity to produce 4 million tons of specialised steel in a year for the automotive and white goods industry. Moreover, the mill is 100% automated and is equipped with more than 6000 sensors to enhance production operations. Meanwhile, another leading structural steel manufacturer Cleveland-Cliffs Inc (NYSE: CLF), in December 2020, announced the successful acquisition of all operations of ArcelorMittal USA LLC and its subsidiaries, making it the largest flat-rolled steel producer in North America. These developments are expected to positively impact the growth of the structural steel industry in the forecast period.
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The major players in the global structural steel market are Anshan Iron & Steel Group Corporation, Anyang Iron & Steel Group Co. Ltd., Arcelor Mittal S.A., Tata Steel Limited, and McFarlane Mfg., 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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