Current status of steel industry development

The steel industry is an important basic industry of the national economy, covering multiple links such as ferrous metal mineral mining, smelting, processing and metal product production. The upstream of its industrial chain is mainly composed of raw materials such as iron ore and fuel, which account for 70% to 80% of the cost of the steel industry, among which iron ore has a high degree of external dependence. The midstream converts raw materials into various steel products, including plates, long products, profiles and pipes, through processes such as ironmaking, steelmaking and steel rolling. The downstream application fields are wide, including infrastructure construction, housing construction, machinery manufacturing, automobile manufacturing, home appliance production and shipbuilding. The development of the steel industry is affected by multiple factors such as the global economic situation, the international trade environment, policy regulation and downstream demand changes, showing a certain degree of volatility and cyclicality. In recent years, the steel industry has made positive progress in promoting the transformation and upgrading of "high-end, intelligent and green", and is committed to improving the competitiveness and sustainable development capabilities of the industry.