The global steel market is projected to grow from USD 974.4 billion in 2024 to USD 1,289.7 billion by 2033, at a CAGR of 3.14%, driven by infrastructure development, the electric vehicle surge, and industrial automation. Key growth factors include megaprojects in smart cities and renewable energy, rising demand for advanced high-strength steel in electric vehicles, and increased use of specialty steel in automated manufacturing. Sustainability trends such as green steel production and smart steel applications are gaining momentum, with companies like SSAB, Tata Steel, and Thyssenkrupp leading innovation. The Asia Pacific region dominates the market, supported by rapid urbanization and government-led initiatives. The report also highlights structural steel as the largest product segment and building and construction as the primary application area.

The article outlines future trends in the global steel market from 2025 to 2032, focusing on green steel, recycling, and decarbonization. Key developments include ArcelorMittal Nippon Steel India acquiring land in Andhra Pradesh for a 7.3 million tonnes per annum steel plant to support India's goal of 300 million tonnes of crude steel capacity by 2030. The Government of India launched a US$1.8 billion Green Steel Mission to reduce emissions, featuring a Production-Linked Incentive scheme, green hydrogen promotion, and mandatory green steel procurement by government agencies. Tata Steel Nederland introduced Zeremis Recycled, a steel product with 30% recycled content for automotive, packaging, and construction. The global steel market was valued at US$1.47 trillion in 2024 and is projected to reach US$2.11 trillion by 2032, growing at a CAGR of 4.60% between 2025 and 2032. The report covers market trends, technologies, investment structures, and competitive analysis across major regions and product segments.

The U.S. Commerce Department has expanded steel and aluminum tariffs to cover over 400 product categories, including wind turbines, appliances, railcars, electric vehicle (EV) parts, and personal care products. The new tariffs impose a 50% tariff on any steel or aluminum content in these products, plus the country rate on non-steel and non-aluminum components. The move, which takes effect immediately, targets imported parts for automotive exhaust systems, electrical steel for EVs, buses, air conditioners, and household appliances. Foreign automakers have expressed concern over the U.S. lack of domestic capacity to meet demand, while Tesla requested exclusion of steel used in EV motors and wind turbines, which was denied. The expansion aims to support the revitalization of domestic steel and aluminum industries.

Berkshire Hathaway has disclosed its undisclosed investments totaling $1.8 billion in steelmaker Nucor, homebuilder D.R. Horton, and homebuilder Lennar, along with a separate $1.6 billion investment in UnitedHealth through the purchase of over 5 million shares. The revelations come after months of market speculation about the company's quiet stock purchases.

The Trump administration has expanded tariffs on steel and aluminum imports by adding 407 derivative product codes to the list of goods subject to a 50% tariff. The move impacts publicly traded steel and aluminum companies such as ArcelorMittal, Cleveland-Cliffs, Nucor, Steel Dynamics, U.S. Steel, Alcoa, and Century Aluminum. President Trump also issued an executive order to boost U.S. competitiveness in the commercial space industry by reducing regulatory hurdles and accelerating launch and reentry approvals, which could benefit Rocket Lab and Intuitive Machines. Ukraine’s President Volodymyr Zelenskiy is scheduled to meet Trump at the White House, where Trump reportedly told Ukraine to abandon hopes of regaining Crimea or joining NATO. U.S. allies are urging Trump to support Ukraine amid concerns over a potential peace deal. Evercore ISI raised price targets for Walmart and AutoZone, citing solid Q2 performance despite policy uncertainties. Trump also claimed that Vladimir Putin agrees mail-in voting undermines honest elections. White House trade adviser Peter Navarro criticized India’s purchases of Russian oil, calling them 'opportunistic and deeply corrosive' to global efforts to isolate Russia.