A new year brings a new outlook for steel
Though the steel industry saw some tough times in 2020, our industry proved tougher. After a dramatic decrease in demand and production due to an unforeseen global pandemic, steel began to make a comeback in the second half of the year. And now, with demand increasing each month, the steel industry enters a new year with a bright outlook for what’s to come.
A jump-start from consumers
Consumer demand for cars, appliances and machinery has grown tremendously since the summer, leading to more at-home purchases of steel-based products. This trend has had automotive manufacturers working to find enough steel to keep up production. Read more about increased demand here.
A blast forward
After production ground to a halt last spring, many steel factories predicted their blast furnaces would remain off for the rest of the year. However, the increased demand over the last several months has led most factories to restart them. Blast furnaces have been reignited at steel mills across the Midwest, a welcome change. Learn about the blast furnaces restarting here.
Great Lakes, great signs
Great Lakes steel mills have shown promising signs of rising production, jumping to 23,000 tons last month. Steel mills perched along the Great Lakes in Northwest Indiana produced 581,000 tons in the week ending Dec. 19, a jump over the previous week and a positive sign that production is rebounding nicely. Read more about Great Lakes steel production here.
After a challenging year no one could have predicted, the steel industry closed out 2020 on an upswing, and the outlook is bright for a prosperous 2021.