Steel today is one of the most commonly used metals in the construction realm the world over, as it binds well with concrete, has a similar thermal expansion coefficient and is strong and relatively cost-effective. When combined with the latest trends in prefabricated construction, it’s no wonder that the construction industry accounts for more than 40 percent of world steel demand. Furthermore, the increasingly developing concepts of high speed trains in countries like China, Japan and India, which have resulted in the construction of special railroads, has also led to increasing

consumption of carbon steel, thus enhancing the crude steel demand.

If the recent report by Research And Markets.com is anything to go by, the global spending on the construction sector is expected to hit $14 trillion by 2025 which is further going to enhance the demand of crude steel. The demand for steel alloys in the manufacturing of aircrafts both for commercial use and for defense as military aircrafts is also contributing to this. While these numbers assure a wide range of opportunities for legacy organizations as well as the relatively new entrants in the segment, it also brings in a myriad of challenges.

The World Steel Association forecasts that steel demand will grow by 4.5 percent in 2021 and steel demand will see a further increase of 2.2 percent to 1,896.4 Mt in 2022. With the steel demand expected to return sooner than expected, the high backlog of orders combined with the need to rebuild inventories and pick up the pace of manufacturing will pose challenges.However, the increasing number of vacci nations show a way out. In this issue, we feature a bunch of leaders who have been exemplary in tackling these challenges.
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