Economic and social impact of the steel industry

Steel plays a vital role in the modern world. In addition to being one of the most important materials for building and infrastructure, steel is the enabler of a wide range of manufacturing activities. It also creates opportunities for innovative solutions in other sectors and is indispensable in research and development projects around the world.

Given such a wide range of steel applications and its functions, it is not an easy and simple task to give a fair assessment of the economic impact of the steel industry through numbers. This is why in 2019 worldsteel commissioned Oxford Economics to evaluate our industry’s impact on a global scale. 

A summary of these findings is available through this infographic. A more in-depth overview is available via the executive summary, which can be dowloaded here.

Steel industry social and economic impact