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Global steel industry faces pressures from China and conflict
The Organisation for Economic Co-operation and Development (OECD) confirms that the global steel sector is facing a crisis due to the influx of government-subsidized Chinese steel into the market at low prices, while demand has declined due to the war in the Middle East. Despite this, global steel production capacity has continued to grow, leading to a decline in utilization rates below the economically sustainable level, resulting in a surplus of 640 million tons last year, which is expected to rise to 745 million tons by 2028. The Chinese steel surplus accounts for more than half of this excess, supported by doubled government backing since 2019, which boosts exports and floods international markets.
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