According to a forecast released by the World Steel Association (worldsteel) on June 7, the world steel demand was expected to grow by 0.4% in 2022 to 1.8402 billion tons. The steel demand will continue to rise by 2.2% next year, reaching 1.8814 billion tons.

Edwin Basson, Director General of worldsteel, said that steel production and consumption in most countries in the world increased significantly in 2021 despite the impact of the COVID-19 epidemic. However, the Russia-Ukraine war and the continuously rising inflation have weakened market expectations for a stable economic recovery from the epidemic in 2022 and beyond.