Posted on 19 Jun 2023
At the Global Forum on Steel Excess Capacity (GFSEC), members said that global steel overcapacity is increasingly serious, which will impact steel prices and decrease profits and job opportunities.
Steel production capacity was expected to increase by 166.1 million tons from 2023 to 2025. Among them, half of the capacity hasn't achieved decarbonization. Crude steel production will exceed the demand by 644 million tons in 2025, hitting a record high since GFSEC started in 2016.
G20 members indicated that the latest capacity investment may exacerbate the problem of overcapacity. The current global steel market needs a stable market environment to achieve the goal of steelmaking decarbonization.
Source:Yieh
