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BHP elevates forecast of steel consumption owing to soaring demand from green power generation

5 Oct 2022 17:07 reported by Hao Hung

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Due to global demand for decarbonization of power generation, BHP Group lifted the long-term steel consumption demand forecast.

BHP Group, the Australia-based miner, foresees soaring equipment demand for wind and solar farms, which will boost steel demand by 2% in 2030 and by 4% in 2050.

According to the miner’s expectations, global steel consumption will increase by 42 million tons in 2030 and 76 million tons in 2050.

The World Steel Association indicated that global steel production was 1.95 billion tons in 2021.

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