The increases in global steel demand forecast by worldsteel in its short-range outlook announced at the association’s 50th annual meeting held in Dubai on October 10-11 prompted a question from journalists present on whether the future for the global industry is now rosy. Outgoing worldsteel chairman Wolfgang Eder, also chairman of Austrian steelmaker voestalpine, responded by saying that in his view the industry was still far from rosy times, though adding that signs of stabilization were evident and affirming that he foresaw no downturn in store for the industry in the short term. He went on to remark that there was some consolidation observed in the markets, while also saying that it would help if there were no crises in Europe and the Middle East, though at the same time he expressed confidence that problems will be resolved. There still remains a lot of homework to be done, he said. Again on an upbeat note, he said that so many positive aspects will be seen in steel over the coming two to three years, especially driven by new steel grades and new developments in steel, and so in conclusion he asserted that there is light at the end of the tunnel.
For his part, worldsteel director general Edwin Basson said that the positive signs regarding global steel demand allows the industry space to think of the longer term and of important issues such as sustainability. He went on to remind his listeners that without steel it would be very difficult to maintain modern standards of living.