The German economy is facing significant difficulties with a deteriorating outlook. Political crises, rising costs of living, and the war in Ukraine are negatively impacting economic prospects. The ZEW index has collapsed, and industrial production is showing negative dynamics. The German GDP has contracted for two consecutive years, and forward-looking business expectations are at rock bottom. Analysts are lowering their estimates for the German economy in 2025, amid risks of higher import duties on German imports to the US.

Steelmakers and trade unions, represented by EUROFER and IndustriAll Europe, insist on the urgent publication of an EU Steel Action Plan within the first 100 days of the new European Commission's term. They call for decisive measures to restore the industry's competitiveness, protect the environmental transition, and safeguard jobs. The plan aims to address high energy costs, global overcapacity, and unfair trade practices, as the European steel sector faces crises including production cuts, closures, and bankruptcies. The parties urge the EU and the US to collaborate in tackling these global challenges.

China's largest steelmaker, Baosteel, anticipates completing infrastructure construction and producing the first iron ore at the Simandou mine in Guinea by 2025. The project, with an annual capacity of 120 million tons, aims to drive the green transition in the global steel industry. Baosteel's investment in green technologies and the Simandou mine will reduce its dependence on ore imports and strengthen its competitive position in the international market. The mine is expected to significantly contribute to Guinea's GDP and global steel production.

US Steel Corporation, a major steel producer in the United States, has announced a $30/t increase in spot prices for flat steel products effective October 25. The adjustment applies to both hot-rolled and cold-rolled flat products manufactured at US Steel and Big River Steel. The steel market is expected to adjust amid rising prices, with potential similar actions from Nucor and Cleveland-Cliffs. Despite sufficient demand, consumers remain cautious about building up stocks for the upcoming holiday season.

POSCO, the South Korean steel giant, announces a staggering $88 billion investment plan by 2030 aimed at emissions reduction. The plan includes $35 billion for international markets and $21.2 billion dedicated to eco-friendly steel production. POSCO focuses on carbon neutrality, demand response, and capacity recovery, while expanding electric steel capacity for EVs and investing in renewable energy & blue hydrogen initiatives. The company enjoys government support, expediting its hydrogen-based steel project.

China has officially filed a complaint with the World Trade Organization (WTO) challenging Canada's decision to impose a 25% tariff on Chinese steel, aluminum, and electric vehicles. Beijing argues these tariffs disrupt global industrial and supply chains. Canada's Deputy Prime Minister Chrystia Freeland defends the move as necessary to protect Canadian workers and industries from China's overcapacity and oversupply. The United Steelworkers union in Canada welcomes the tariffs, citing their potential to strengthen the economy, protect jobs, and build stronger domestic industries. This development marks a fresh trade dispute between the two nations.