An executive from the World Steel Association (WSA) predicted on Tuesday that global steel consumption will increase by 1.7% in 2024, following a 2.3% rebound estimated for this year due to a resurgence in manufacturing activity.
Frank Zhong, the deputy director general of ASEAN, recently told a conference that the organisation anticipates a doubling of steel consumption from its current 80 million tonnes by 2035.
Steel industry would work to lower its carbon footprint to save the world
According to Zhong, in the near future, the steel industry would work to lower its carbon footprint by increasing the efficiency with which existing facilities use energy and by making the best possible use of steel scrap.
He predicted that scrap metal and iron ore will be major players in the industry. Zhong predicts that in 30 years, the global supply of scrap steel would increase from the current 700 million tonnes to between 1.1 and 1.2 billion tonnes.
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