Steel manufacturers are investing in digital transformation, which is growing at 10.9 per cent annually, even though the overall steel industry growth remains uncertain. Based on this development, industry experts are calling on companies to use their investment to improve asset efficiencies for increased return on investment ROI, writes Nosa Alekhuogie As the world’s most important engineering and construction material, steel is essential to the global economy. Close to two billion tons of this durable and versatile metal are produced every year, yet, the steel industry has had to deal with its fair share of challenges in recent times. Although recovery from the pandemic turned out to be stronger than expected, economic events and geopolitical turbulence around the world this year have led to an uncertain medium-term outlook for the industry. Global Industry Principal for Mining, Metals and Materials at AVEVA, Martin Provencher, while analysing the development, said broader operating constraints such as an ageing workforce, new environmental regulations, intensifying competition, and shifting global trade flows, would only compound those anxieties. The World Steel Association forecasts that demand will stay flat at 0.4 per cent this year with a total output of 1840 metric tons, before climbing to 2.2 […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
