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.

Sidenor, the Spanish special steelmaker, is pioneering in testing electric combustion technology through the Citadel project funded by the EU's Horizon 2020. The innovative approach aims to reduce carbon emissions and improve energy efficiency by substituting natural gas with cleaner energy sources in critical production phases like tundish and ladle heating. This transition to electric resistance heating and oxy-fuel combustion could pave the way for hydrogen combustion in the near future, slashing CO2 emissions by up to 30%.

The global crude steel production in August 2024 experienced a significant decline of 6.5% year-on-year, totaling 144.8 million tons across 71 countries tracked by the World Steel Association. Key regions like Asia and Oceania saw steep drops, while the EU and other European countries bucked the trend with positive growth. China remains the top producer despite a 10.4% decline, while India and Turkey witnessed notable increases. Learn more about the latest steel market trends and top steel-producing nations.