Economic sustainability

Over time, the steel industry's focus has shifted from growth in the volume of steel in use to the added value of the product over its life cycle, especially during the use phase. Steel now provides lighter, safer, longer-lasting and more innovative structures for transport and construction.

Steel companies work with designers to create products that are easy to re-use and recycle at the end of their life. The recyclability of steel is one of its most valuable properties, saving precious raw materials and energy.

Of course, a sustainable steel industry needs to be economically sound. To support society with useful products, and to support communities with employment, companies need to sustain themselves and their environments. Quick, firm and often difficult action was needed during the financial crisis that began in 2008. Most steel producers faced a difficult economic environment in 2008 and 2009. Deterioration in market conditions led to disappointing full year results.

However, responding positively and strongly, the industry set out on a course to emerge stronger and able to continue to add value for all stakeholders.