Worldsteel Underscores Vast Economic Benefits of Global Steel Industry
The latest report commissioned by the World Steel Association (worldsteel) and prepared by Oxford Economics highlights the key role played by worldwide steel industry in today’s economy.
According to study findings, the steel industry generates wide range of products, whose sales value exceeded $2.5 trillion in 2017. The industry employed more than six million people around the world during the year. The added value of its production processes totaled almost $500 billion. The steel industry’s productivity per worker exceeded $80,000.
Also, steel industry’s global supply chain supports 13 additional jobs for every two direct jobs. Taking that into consideration, the entire steel supply chain supports nearly 40 million people, thereby generating more than $1.2 trillion of added value.
As steel is a key input of several other industrial sectors, the use of steel in seven key industries was analyzed in the report. Based on narrow approach, the industry was responsible for a further $1.2 trillion of value-added output in 2017. It supported an additional 49 million jobs around the world. Combining this with the earlier results, steel sector either supported or facilitated a value-added contribution of $2.9 trillion, accounting for 3.8% of the global GDP during the year. The industry supported a total of 96 million jobs.
China accounted for 36% of steel industry’s annual contribution to global GDP. The other major contributors were the U.S. and Japan with 11% and 9% respectively. China also accounted for 36% of total jobs supported or facilitated by steel industry in 2017.
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