Steel remains one of the most important materials for global infrastructure, construction, and manufacturing. In 2024, the steel industry witnessed significant changes in trade, production, and sustainability efforts. Global steel exports increased by 3.3%, reaching 449.2 million tonnes. Despite a slight dip in overall production (around 1%), exports made up a larger share of steel output at 25.5% compared to 24% in 2023. China remained the largest exporter, shipping over 117 million tonnes, while Asia accounted for nearly half of global exports. On the other hand, Europe’s share fell to 27.8% as the region struggled with competitiveness.
China’s domestic slowdown, especially in the property sector, forced it to push more steel into global markets. Its exports in 2024 hit a record 110.7 million tonnes. To control oversupply, the government suspended new steel mill approvals. However, this oversupply led many countries to accuse China of dumping cheap steel, triggering global trade measures.
Steel became a flashpoint in trade politics. The U.S. increased tariffs on steel and aluminum, starting with 25% and later raising them to 50% on certain imports. The European Union retaliated with its own tariffs, escalating trade tensions. European producers voiced concerns that Chinese steel was being sold below production cost, threatening local industries.
Meanwhile, global steel companies pursued mergers and acquisitions to strengthen their positions. Nippon Steel’s $14.9 billion bid for U.S. Steel was initially blocked but later approved with conditions, reflecting how national security and supply chain stability now influence steel trading. Sustainability also became a central theme in 2024. Around 93% of new steelmaking capacity was based on Electric Arc Furnaces (EAFs), and Hydrogen-based Direct Reduction (HDR) projects gained momentum, especially in Europe. Scrap steel became a strategic resource, with imports rising to support EAF production.
Regionally, Russia’s output dropped by 6–7% due to weak construction demand. Tanzania, backed by Chinese investments, emerged as a new steel exporter. South Korea and the EU increased exports, while Japan experienced a slight decline. Overall, the steel industry in 2024 was shaped by China’s export surge, rising protectionism, sustainability goals, and shifting regional dynamics. With the push for green steel technologies and intensifying trade disputes, the global steel trade is undergoing a transformation where politics, economics, and environmental concerns are deeply connected.
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