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The steel industry still plays an important role in the world economy

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The steel industry still plays an important role in the world economy

Issue Time:2019-06-17

The steel industry continues to play a vital role in themodern world, according to a report released by Oxford Economics at the end ofMay, "The Impact of Steel in the Global Economy." In 2017, more than6 million people in the world engaged in related work in the steel industrychain. The contribution of the steel industry to the global economy wasequivalent to 3.8% of the total global GDP in the year, and it is expected toprovide support for 96 million jobs in related industries. The global steel industry'sper capita production efficiency is more than $80,000 per year, which is threetimes the average for all sectors of the global economy. The report alsopointed out that for every $1 increase in the value of the steel industry, therest of the global economy would achieve an additional "value added"of $2.50 due to transactions in raw materials, commodities, energy andservices.

The World Steel Association also pointed out in the latestissue of World Steel Statistics 2019 released on June 3 that steel has been thematerial basis for social development and progress in the past 100 years. Inthe next 100 years, steel will continue to play a role in social development.The role of the foundation to meet the challenges of social development.

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