How global steel production has evolved over the past 50 years

Steel is an essential material for our industries, from building construction to vehicle construction. With 1.864 million metric tons of crude steel produced in 2020.

Global steel production has tripled in the last 50 years. Despite the fact that nations such as the US and Russia have reduced their domestic production.

The real advantage of steel lies in its infinite recyclability, without loss of quality.

From the Bronze Age to the Iron Age, metals have defined the ages of human history. If the current era were to be defined similarly, it would undoubtedly be known as the Age of Steel.

Steel is the foundation of modern society, with its production and consumption rates often seen as indicators for the development of a nation.

Steel is an essential material – its production

Global steel production has tripled in the last 50 years. Even though certain nations such as the US and Russia have reduced their domestic production and relied more on imports.

Meanwhile, China and India have steadily increased their production. To become the first two steel-producing countries at the moment.

Despite its current dominance, China may be preparing to reduce domestic steel production to reduce the risks of overproduction and ensure it can achieve carbon neutrality by 2050.

As iron ore and steel prices have risen over the past year, U.S. demand could soon decline, depending on the actions of the Biden administration.

Future sustainability of the steel industry

Given the crucial role steel plays in almost every industry, it’s no wonder that prices are rising to record levels. However, steel manufacturers are thinking about long-term sustainability and are working to make fossil-free steel a reality by completely eliminating coal from the metallurgical process.

As the industry continues to innovate in both sustainability and usability, steel will continue to be a vital material in all industries that we can infinitely recycle and rely on.

Article source – https://www.visualcapitalist.com/visualizing-50-years-of-global-steel-production/