Among the major world economies, India was the only one which showed consistent growth in steel production and demand in 2025. The global slowdown brought about by high capital costs, persistent inflation in the advanced economies, trade wars and tariff uncertainties, construction and manufacturing slowdown, and de-growth in China, advanced Asia and the EU had a detrimental impact on global steel production, which declined by 2% y-o-y in January-November 2025, as per World Steel Association (WSA) data.
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