The steel industry is currently being affected by Russia’s ongoing invasion of Ukraine and its myriad of knock-on effects.
Steel is always a hot commodity in the global market, but the demand for steel has increased by record amounts over the past two years, and shortages are causing market issues. Many buyers have expressed their concern about having enough steel for production needs in 2022.
Recovery is the word of the year as the steel industry comes roaring into 2021. With the third coronavirus vaccine now on the horizon, a calmer wave of steadily growing supply and demand will set the industry on the path to return to pre-pandemic levels.
The steel industry is one sector that is bounding back with a vengeance from the prolonged slump brought on by the pandemic. In its early months, closures and the slow implementation of infectious disease management protocols in manufacturing plants severely delayed production.
The COVID-19 pandemic threw the world for a loop when it began to spread rapidly in March 2020. The world panicked, and everyone locked themselves indoors to stay safe. This resulted in a bonafide economic recession due to decreased consumer activity.
President Trump has announced that he will lift steel and aluminum tariffs on Canada and Mexico. This decision was reached in an effort to pass the United States Mexico Canada Agreement, an update to the North American Free Trade Agreement.
The steel industry is vital to the success of the US economy. Over the past decade, many steel companies have struggled to remain profitable. While last year’s steel tariffs left the fate of the industry uncertain, 2018 definitely ended on a high note.