More than 600 participants attended the 17th New Horizons in the Steel Market conference held in Istanbul on 30 November.
According to the statement of the World Steel Association (worldsteel), the global market will recover in the second half of 2023. Developments in the auto industry and supply chain in China can have a positive impact on the steel industry. The world is entering a new era of transformation. Industries using steel and the nature of steel demand will change.
What the steel industry can do in its global transformation is to use scrap to deliver the expected growth. Converting at least one-third of blast furnaces to direct reduced iron (DRI) steel plants and using green hydrogen and biofuels in production will be future trends. As a result, the entire value chain must shift to greener manufacturing.
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