The Advancements In Career Opportunities And Growth Of Steel Market Industry

Growth Of Steel Market Industry

Steel happens to be the world’s most important engineering and construction material. The advent of commercial steel was in the 19th century when Sir Bessemer reduced the quantity of carbon to 2% in ‘cast iron’, thus increasing the hardness and malleability of the product to a much greater extent.

Steel is an alloy consisting majorly of iron, about 2% carbons, 1% of manganese and smaller proportions of silicon, phosphorus, sulfur, and oxygen. As a crucial engineering and construction material, steel has been quite instrumental in innumerable projects. That’s the reason for the expansion of the steel market. The market impact of steel can be easily understood if one takes a look into its applications.

Applications of Steel

What makes steel a plausible choice is its top-notch durability and elasticity. Other properties of steel include its hardness, high density, strength, melting point, and thermal conductivity.  Various grades of steel are produced with varying properties and have multifarious applications as well. Some of the most common applications are in the construction, transport, energy, packaging and appliance industry.

Global Statistics

In the year 2017, the world’s crude steel production was quite high with China as the leading producer and Japan ranking second. India and the U.S. ranked third and fourth respectively in the world’s crude steel production.

The prices and economy of the metal depend on the gradation of steel being traded off. In 2017, the global pricing of steel ranged quite high while in 2018, the carbon steel price also increased considerably.

Growth in the Steel industry

The growth curve of average crude steel production has been on a rise ever since the 1950s when the global market saw an increase in crude steel production. A cumulative estimate of the current growth phase from the past couple of years reveals that the steel industry is expanding.

China has been dominating the steel industry for decades and has been the leading force in production ever since. In 2007, China dominated about 36.3% of global production while in 2017, it monopolized almost half the global production with a fair share of 49.2%.

Career Opportunities in the Steel Market Industry

There are a variety of career opportunities in the steel market industry, based on the role carried out in the production and management of steel. Since steel plays an integral part in construction, it’s essential that the steel produced is of top quality and thus its important to have a well-qualified team.

Career opportunities include working as industrial machinery mechanics, team assemblers, machine tool cutting setters, machinists, molders and molding machine setters, inspectors, operators and more. The steel industry also requires mechanical engineers, electricians, repairmen, management executives, and sale representatives.

With increased demand and production in the last 10 years, the employment percentage has from 2008 to 2018 increased in all sectors except the small and associated ancillary industries.

Steel tariffs will surely have a crucial impact on the job sector in the U.S. Combined with several other economic policies in the United States, the steel industry can give rise to a whopping 2.1 million jobs. Other than that, those planning to make a career in the steel industry can also bank upon the fact that 1.2 million jobs will also be created from 2019 to 2021.

Global Steel Market Demand

While the global steel market showed a bit of deceleration in the last few fiscal years, it is showing resilience from 2017 and is expected to continue its spree. This deceleration was mainly because of China, as it began shutting down most of its outdated induction furnaces as a result of the stricter environmental regulations. For other leaders like India, the twin shock of demonetization and goods and service tax (GST) lead to a sharp downfall in steel demand. Sluggish construction implements, volatility in currency, political instability, and several other factors contributed towards the decelerating steel market.

However, in the last few years, the market is experiencing an upsurge. With India bouncing back from its twin shocks and China amidst all regulations and political instability has been able to maintain the rise in steel production. Quite naturally, the global market is brimming with opportunities. In Asia itself, apart from China, the demand for steel is expected to rise in the next two years. Also as the Gulf countries are reforming their oil and infrastructural maneuvers, a spike in demand is expected which until recently was at a much slower pace.

Overcoming all hindrances, the global steel market is experiencing upsurge and thus career opportunities and growth of the market seems promising and is expected to reach its peak in the future. 

Steel market scenario in North America

If we go by current reports and market news, quite a few steel mills are shutting down in the northern part of the U.S. General Motors’ decision to make overhauls happen to be a crucial point in this regard. By 2020, the company decided to make effective cost-reductions in this sector by closing down a whopping five steel plants in America itself and the rest in Canada. Well, this means that around 14,700 jobs would be slashed off. However, the scenario is expected to change quite soon.

Future possibilities for steel

Until now, the steel industry was going through a recession but that phase seems to be waning now. The prospects for this particular sector is high and will continue to rise. Current projects that are materializing both in the governmental, as well as private sectors, will surely give the much-desired impetus to the steel industry.

Several countries and their respective governments are making notable efforts to increase employment opportunities in this sector. The use of steel is also increasing each day and the application of steel tubes seem to play a pivotal role in the construction market. From commercial buildings to residential projects, the application of steel as a core material is widespread. Since steel is also utilized in various infrastructural development projects, the growth of the steel market is inevitable.

Overcoming all hindrances, the global steel market is experiencing upsurge and thus career opportunities and growth of the market seems promising and is expected to reach its peak in the future.

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