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Steel News October 05, 2021 01:30:06 PM

worldsteel Focuses on Contributions by Global Forum on Steel Excess Capacity

Paul Ploumis
ScrapMonster Author
The steel body reiterated the important role played by steel in supporting the long term sustainability of the modern society.

worldsteel Focuses on Contributions by Global Forum on Steel Excess Capacity

SEATTLE (Scrap Monster): The World Steel Association (worldsteel) highlighted the key role played by the Global Forum on Steel Excess Capacity (GFSEC), it being the primary communication channel between the steel industry and the government.

While participating in a discussion organized by the GFSEC, Edwin Basson, Director General, worldsteel said that the steel industry responded well to the challenges posed by the global pandemic. The global steel demand recorded marginal decline by less than 1%, with demand in China growing by 9%, whereas it registered sharp decline by 8% in the rest of the world.

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The steel body reiterated the important role played by steel in supporting the long term sustainability of the modern society. The main challenge before the industry is how to address the climate change challenges. Although steel has comparatively lower carbon footprint in comparison with other materials, the industry aims to further lower carbon emissions in steel production.

worldsteel suggests a three-phase technique. In the first phase, it aims to improve efficiency of steelmaking process. In second phase, it proposes to have majority of steelmaking to rely on recycled scrap. The third phase will focus on use of hydrogen and other new production techniques aimed at reducing carbon intensity.

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