The risks, including geopolitical instability, high interest rates, and overall high uncertainties, which affected the global economy in 2023 still exist in 2024. Analysts expected that global economic growth in 2024 will be within the range of 2.1-2.9%.

For the steel industry, steel demand growth in developed countries will be low in 2024, and emerging economies, especially Asia, will see higher steel demand growth due to tightening monetary policies, according to a forecast from the World Steel Association. The association foresaw an increase of 1.9% in the global steel demand to 1.849 billion tons for this year.

The European Steel Association (EUROFER) estimated that EU steel demand and consumption will grow by 0.2% and 7.6% in 2024, respectively. The sectors of manufacturing, automobile, and infrastructure, especially in areas related to the energy transition, will be the main reasons for the global steel demand growth in 2024.