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Steel Market Procurement Intelligence Report | Evolving Opportunities with ArcelorMittal and POSCO in the Steel Market | SpendEdge

January 16, 2020 GMT

LONDON--(BUSINESS WIRE)--Jan 16, 2020--

SpendEdge has been monitoring the global steel market and the market is poised to experience spend growth of more than USD 130 billion between 2019-2024 at a CAGR of over 3% during the forecast period. Request Free Sample Pages.

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Read the 123-page research report with TOC and LOE on “The Global Steel Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, top suppliers, supplier selection and negotiation strategies, and insights into best practices to optimize procurement spend.”

Buyers in the automobile industry are emerging as the chief end-users in the steel market with their increasing demand for AHSS that is a lighter variant of the usual steel. This steel variant renders a vehicle fuel-efficient as it reduces the overall weight of the vehicle by half. With the infrastructure developments in the emerging nations gaining momentum, spend growths in the structural steel and stainless-steel markets are observing an exponential rise which is contributing to the overall spend momentum in the global steel market.

Construction, automobile, shipbuilding, and capital goods are among the largest end-user segments in the steel markets in regions like APAC and Europe. However, the economic slowdown observed in some of the major European economies such as Italy, Spain, and France is declining the consumption of steel in major end-user industries.

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The Top Steel Suppliers Enlisted in this Report:

According to the forecasts, the increase in the prices of raw materials such as iron ore, coils, scrap, coking coal, among others will substantially increase the manufacturing costs of suppliers. This will have an inflationary impact on the overall price structure in the global steel market. However, strategic cost-control initiatives, price forecasting techniques, and adequate technology adoption will aid steel suppliers to sustain their profit margins. Such suppliers will have the liberty to offer service to buyers at competitive rates without hurting their profit margins. On this note, this report has listed the top steel suppliers, SLA agreement insights, and the selection and negotiation strategies that buyers must undertake to achieve optimal procurement in this market. Insights into some of the suppliers’ portfolio are given below:

ArcelorMittal SA - This steel supplier commands dominance in the global steel supply market owing to its high production capacity and geographical reach. It operates in 50 or more countries. Engagement with such suppliers has proven to facilitate buyers with the maximum scopes of cost-savings.

POSCO- POSCO of South Korea is partnered with US Steel in a 50-50 joint venture, USS-POSCO Industries (UPI) that principally markets sheet and tin mill products. This collaboration produces cold rolled annealed, cold-rolled full hard, hot rolled pickled & oiled, hot-dipped galvanized, and tin mill products from hot bands that are mainly provided by POSCO and US Steel. UPI has an annual production capability of approximately 1.5 million tons.

Tata Steel- It is among those steel suppliers that are deepening their focus on achieving their sustainability targets while catering to the global demand for steel and steel products of uncompromised quality. Its sustainable measures include transitioning to renewable energy sources in activities across the supply chain. Tata Steel is known to have facilities that feature energy-saving measures such as using solar energy for 20%-40% of energy consumption, onsite rain harvesting, and LED lighting.

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About SpendEdge:

SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions. To know more, https://www.spendedge.com/request-free-proposal

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CONTACT: SpendEdge

Anirban Choudhury

Marketing Manager

US: +1 630 984 7340

UK: +44 148 459 9299

https://www.spendedge.com/contact-us

KEYWORD:

INDUSTRY KEYWORD: STEEL MANUFACTURING

SOURCE: SpendEdge

Copyright Business Wire 2020.

PUB: 01/16/2020 07:30 AM/DISC: 01/16/2020 07:30 AM

http://www.businesswire.com/news/home/20200116005240/en