Impact of COVID-19 on trends in the steel industry

The COVID-19 outbreak has already given a significant boost to both technological progress and the transition to green production , which are the two main transformational forces of this century.

The acceleration of change is unlikely to stop.

The wider adoption of e-commerce and online services, online work and learning tools will support the development of new and improved technology tools and services, creating a self-reinforcing cycle for technological progress.

As for the transition to a green environment, the increased awareness of impending environmental risks caused by COVID will almost certainly lead to increased public pressure on governments and businesses to accelerate risk mitigation. They will increasingly be required to take the necessary adaptive measures to protect people.

We are already seeing some countries announce “green recovery packages” that put support for renewable energy and decarbonization technologies at the center of their plans to recover from the pandemic.

Decarbonization efforts will be amplified by the COVID-19 pandemic.

Investments in energy efficiency, electrification and increased use of scrap metal, as well as efforts to develop revolutionary low CO2 steelmaking technology, are likely to be accelerated.

The pandemic will reinforce the efforts of the global steel industry to study the life cycle and characteristics of their products in a circular economy, to improve those characteristics and demonstrate very convincingly the superior properties of their products.

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