The largest listed miner in the world, BHP Group Ltd, raised its long-term steel demand estimate, noting that a worldwide move toward decarbonizing power generation will increase demand for the commodity.
According to the Australian miner, rising demand for wind and solar farm equipment would increase steel demand by 2 percent in 2030 and by 4 percent in 2050.
The miner predicts that the need for solar and wind power equipment would account for a sizable portion of the increases in worldwide steel consumption of 42 million tons and 76 million tons in 2030 and 2050, respectively.
According to the World Steel Association, 1.95 billion tons of steel were produced worldwide in 2021.
One of the largest producers of iron ore in the world is BHP Group. Nearly half of the miner's fiscal 2022 income came from iron ore, which is required to make steel.
The world is currently experiencing an energy crisis, and at the same time as renewable energy has garnered significant investment and supportive policies worldwide, there is a drive to decarbonize the world's power generation.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only