According to the statements from the World Steel Association (Worldsteel), the global steel would reach supply and demand balance by 2035. According to the data from Worldsteel, the global steel output came to around 1.7 billion tons in 2017, and there was a trend of steel overcapacity because most of countries misunderstood the future demand on steel.

However, the steel industry was facing a significant change as the economic trend including the decreased recycling rates over and over again, and it would lead a longer life and lower usage rates on steel products.

Additionally, the demand on steel was expected to grow by 0.7% in 2019 followed by the increased global GDP. Consequently, the steel manufacturers should put more emphasis on the industry innovation and produce the higher quality steel products to raise the sustainability in steel industry.