The Value of the Steel industry in Russia, attained a value of USD 62,093.39 Millions in 2021
The indicator recorded a historical growth by a CAGR of 17% between 2018 to 2021, and is expected to decline by ...
GlobalData projects the indicator to decline at a CAGR of ...
Steel industry in Russia
The Russian steel market increased in 2020, reaching a significant position in terms of market value. The market reported a decline between 2018-2020.
The steel market consists of the production of crude steel in the stated country or region. Crude steel production refers to the production of the first solid steel products upon solidification of liquid steel. It includes ingots (in conventional mills) and semis (in modern mills with continuous casting facilities). Crude steel also includes liquid steel, which goes into the production of steel castings.
Demand for steel has fallen due to slow economic growth and trade uncertainty. Sluggish growth led to reduced demand for steel from the construction, machinery, and automotive sectors, which account for a significant proportion of steel demand.
The decline in 2020 was induced by the COVID-19 pandemic, which led to widespread uncertainty in global markets. Demand for steel was diminished due to the ensuing global recession, which caused a further decline in the market. Low investor confidence resulted in low construction activity, further diminishing demand and hampering growth.
The steel market is highly concentrated to a few large players, as the importance of scale economies favors concentration to larger companies. However, as the steel market remains highly cyclical, it is subject to intense competition. The main challenges that steelmakers face include volatility, shifting demand centers, complex supply chains, productivity and cost-efficiency. The market is also affected by general economic conditions and end-use markets, including the automotive, appliance, construction, and energy industries. As these industries experience a downturn, the steel market usually follows their trend.
Geography segmentation
Russia accounts for a significant share in the European steel market value. Germany accounts for a further share in the European market.
Switzerland
China
Japan
Luxembourg
South Korea
Japan
United Kingdom
Australia
Japan
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