At the 18th SteelOrbis Steel Conference “New Horizons in Steel Markets” held today, November 28, in Istanbul with the participation of almost 600 participants, Metin Tayfun İşeri, business development and international affairs director at Çolakoğlu Metalurji and also chairman of Turkey's Association of Flat Steel Exporters and Manufacturers (YISAD), commented on the current situation in the global steel industry and shared his expectations for the industry.
Stating that the steel industry has been moving from globalization to regionalization with the US Section 232 duties and the EU’s safeguard measures, Mr. Iseri said that there are concerns in the market over whether the trend of regionalization will increase further. Noting that many investments have been made and that plants have been renovated in the US with the collection of the 25 percent duties, the YISAD chairman said that US steelmakers have increased their prices by cutting capacity utilization rates. Responding to a question whether any changes are possible in the US safeguard measures, Tayfun Iseri recalled that the US has signed free trade agreements with some countries apart from Turkey and a few other countries or has been implementing quota measures. Also, he stated that he cannot make short- or medium-term predictions regarding the US measures against Turkey, though he remarked that he does not have much hope that the measures against Turkey will be lifted. In addition, he noted that the EU’s carbon tax will result in a rise in prices, consequently impacting the region’s scrap exports.
Meanwhile, stating that the ongoing wars in Ukraine and Israel-Palestine and the earthquake in Turkey had resulted in a change in the direction of demand, Iseri also pointed out that unprecedented levels of inflation and interest rates continue to be the biggest challenges that the steel industry faces.