Steel industry sustainable development plan in 2023

Steel industry sustainable development plan in 2023

Steel NewsDate: 09-06-2023 by: Nhu Quynh

As part of its sustainable development plan, the World Steel Association organizes 2 significant events: "Open Forum 2023" and "Disruptive Technology Conference 2023". This will allow the steel industry to develop and strengthen its position on the economic map.

1. Steel industry overview 2022

In 2022, the global economy will face difficulties when inflation increases and steel-using industries grow slowly. Meanwhile, the high price of input materials in the steel industry increases production costs and decreases steel demand. Some major steel corporations worldwide have plans to close blast furnaces, such as ArcelorMittal.

2022 global steel production will reach 1,878 billion tons, up slightly from 1,875 billion tons in 2019 (before the COVID-19 pandemic). China leads the world in steel production with 1,013 million tons, accounting for 54% of total output. China is followed by India with 124.8 million metric tons, accounting for 6.6% of the world. These two countries have a developed steel industry, contributing to the overall development of the world steel industry.


Worldsteel forecasts that steel demand will decline 2.3% in 2022 to reach 1,796.7 billion tons after increasing 2.8% in 2021. In 2023, steel demand will recover by 1% to 1,814 billion tons. 

2. Sustainable development plan of the steel industry

The sustainability of the steel industry is always a top priority for the World Steel Association. As part of the series of sustainable development plans for the steel industry, the World Steel Association organized two significant events: the "Open Forum 2023," held in Belgium, and the Breakthrough Technology Conference 2023 held in the UAE.


2.1 Open Forum 2023

After successfully holding the event in 2022, the 2nd Open Forum in 2023 is an opportunity to expand and develop the steel industry. The forum aims to engage stakeholders in the steelmaking ecosystem, including suppliers, equipment manufacturers, and related industries.

The forum focuses mainly on climate policy implementation, transition financing, raw material requirements, energy availability, steel-using industries, and chain of custody. Development of steel products.

2.2 Breakthrough Technology Conference 2023

This event is organized to facilitate exchanges between researchers and engineers working in steel. The conference will be a networking platform to participate and share information and knowledge about the steel industry.

The main content of the conference revolved around the production and transformation ecosystem. Includes hydrogen use (reduction, BF pumping, heating), CCUS, use of alternative carbon sources, electrification (EAF, electrolysis, heating), scrap, efficiency, and other cross-cutting issues.

3. Vietnam and opportunities before the sustainable development of the steel industry

The world steel industry is growing, leading to the development of Vietnam's steel industry. With the new development trend of the world economy, the development potential of Vietnam's steel industry in the future is huge.

Production capacity: Over the past time, Vietnam's steel industry has developed enormously in both production capacity and product categories. The steel industry's growth in recent years has doubled, with total production reaching around 29.3 million metric tons in 2022. With these factors, Vietnam has risen to 13th in steel output, with 20 million tons in 2022, accounting for 1.1%.


Export market: Vietnam's steel products have been exported to more than 30 markets worldwide. Vietnam's main steel export markets are ASEAN countries, accounting for 26.2% of the total turnover; the EU accounts for 15.98%; China accounts for 14.12%; the US accounts for 11.57%,... Besides, the signing of a number of new-generation FTAs, such as CPTPP, EVFTA, and RCEP... has brought positive signals to the steel industry when there are new export markets with high scale and growth potential.

Above is information about the sustainable development plan of the steel industry; if you want more details, please contact us here