Potential Impact of COVID-19 on Steel Industry Trends

Worldsteel’s Strategic Initiatives and Raw Materials Markets Head Dr Baris Bekir Ciftci wrote that the COVID-19 outbreak has already given a significant
Potential Impact of COVID-19 on Steel Industry Trends
GreenSteel COVID19worldsteel

Worldsteel’s Strategic Initiatives and Raw Materials Markets Head Dr Baris Bekir Ciftci wrote that the COVID-19 outbreak has already given a significant boost to both technological progress and the green transition, which are the two main transformational forces of this century and that the accelerated speed of change is not likely to stop. He wrote “Concerning the green transition, the COVID shock-induced increase in awareness of the looming environmental risks will almost certainly lead to increased public pressure on governments and businesses for an acceleration in mitigation of risks. It will increasingly be required of them to take the necessary adaptation measures to protect people preparedness. We already see some countries announcing green recovery packages that place supporting renewable energy development and decarbonisation technology development at the centre of their plans for economic recovery from the pandemic.”

Industry specific consequences of an accelerated green transition and a technologically progressive environment for the global steel industry include

1. Increased focus on decarbonisation

2. Accelerating product portfolio evolution

3. Increased focus on the life cycle and circular economy characteristics of steel

4. Increased focus on collaboration: sustainability partnerships

The massive scale of the climate change challenge will require increased collaboration with the following partners:

He added “Increased adoption of e-commerce and online services, online work and education tools will support the development of new enhanced technological tools and services, creating a self-reinforcing cycle for technological progress.”

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