Earlier this year, the association had forecast steel demand to drop by 1.7% in 2022.

Semiconductor shortages, as well as other logistical issues, have roiled automotive production in the US and around the globe since 2021. Lower automotive production rates have subsequently cut demand for steel in the sector.

Vietnam spent nearly 10.3 billion U.S. dollars importing roughly 9.8 million tons of steel and iron in the first 10 months of this year.

Last November in Glasgow, the world’s climate leaders were locked in a fierce debate over whether the final draft of the summit’s agreement should include a pledge to “phase-out” or “phase-down” coal.

Technology Metals Australia enhances MTMP with 26% increase in measured and indicated resources

Although Brazilian miner Vale is focusing on cost control in response to the global economic slowdown, it also advances key projects.

Steelmaker Ternium, controlled by Italian-Argentine group Techint, saw its Q3 net income fall by more than 80% year-on-year to US$220mn.

India's producer Vedanta Resources plans to complete the building of its new 60,000t/yr ferro-chrome plant.