Global Steel Production Reduces Placing A Spotlight On UK Production
Global steel production fell by nearly 7% in the first three months of 2022 to just under 460 million tonnes according to the World Steel Association. The main factors were the conflict between Russia and Ukraine and the increase in Covid restriction measures in China. This has placed a spotlight on the UK as a window for increased production to meet global demand. Output in the European Union has also declined as a result of a third factor which is increased production costs. Steel production in the EU was just under 13 million tonnes in March 2022 seeing a fall of 8.5% compared with the same month in 2021.
Trent Refractories provide products, technology and expertise for the global steel industry and we are well serviced to cater for increased production within the UK manufacturing sector. Our role in the supply chain for steel production is global and we are in a strong position to support UK steel producers.
In the USA, the Joe Biden government has instigated a "Buy American" mandate for infrastructure projects which will in turn receive central government funding. This type of initiative could spread as a global format so it will be interesting to see what our very own UK government will do in the coming months to support the steel industry in light of recent events impacting the sector.