Why has steel held the construction community in its grip?

The pandemic had a minimal impact on the global steel industry last year. The production of crude steel increased from 1,826 million tonne (mt) in 2018 to 1,878 mt in 2020, according to the World Steel Association. Demand for steel was around 1,775.4 mt in 2020, adds Alok Sahay, Secretary-General, Indian Steel Association. “Despite the influence of the pandemic, through its different regional impacts, the global steel industry was fortunate to end 2020 with only a minor contraction in steel demand. Steel use in China expanded while it contracted in the rest of the world.” Based on forecasts, Sahay expects normalisation in demand during 2021, owing to steady progress on vaccines and changed behaviour in the global society. “Demand for steel is expected to grow 4.5 per cent in CY 2021 and 2.2 per cent in CY 2022,” he says. Where does India stand in all this? Click here to read more on...