Rising price of steel poses threat to steel product manufacturers
March 27th, 2022 The world price of steel has remained high in part due to the ongoing Russo-Ukrainian war. Prices skyrocketed 111.1% in 2021 due to increased demand in the wake of the Covid-19 (coronavirus) pandemic, and were expected to even out as economies recovered. However, the invasion of Ukraine by the Russian Federation (Russia) reversed this trend, with the price of steel surging to over 1250 euros ($1,379.00 USD) per ton. Sanctions against Russia, the worlds third largest steel supplier, coupled with the cessation of almost all steel production in Ukraine, the world’s eighth largest steel exporter, have ensured prices will remain high. The rising price of steel is also driven by increasing costs of energy, which many European mini-mills rely on to melt scrap iron into fresh steel.
Competition|New Activity|ESGIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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