The latest report, prepared by the World Steel Association (worldsteel) and prepared by Oxford Economics, highlights the key role that the global steel industry plays in the modern economy.
According to the results of the study, the steel industry produces a wide range of products, whose sales in 2017 exceeded $ 2.5 trillion. This year the industry employed more than six million people worldwide. The added value of its manufacturing processes amounted to almost $ 500 billion. The productivity of the steel industry per employee has exceeded $ 80,000.
In addition, the global steel industry supply chain supports 13 additional jobs for every two direct jobs. Taking this into account, the entire steel supply chain serves nearly 40 million people, thereby generating over $ 1.2 trillion in value added.
Since steel is a key contribution from several other industrial sectors, the use of steel in seven key industries was analyzed in a report. Based on a narrow approach, the industry was responsible for an additional $ 1.2 trillion in value added in 2017. It provided an additional 49 million jobs worldwide. Combining this with earlier results, the steel sector either supported or contributed to an increase in the value added of $ 2.9 trillion, which is 3.8% of world GDP during the year. The industry supported a total of 96 million jobs.
China accounted for 36% of the annual contribution of the metallurgical industry to world GDP. The other major participants were the United States and Japan, with 11% and 9%, respectively. China also accounted for 36% of the total number of jobs supported or supported by the metallurgical industry in 2017.
