Fitch Ratings 2020 Outlook: Global Steel

Steel industry demand growth is muted at a time when supply is growing, linked to significant investments in capacity during the high-profitability years in 2017-2018. Producers have increased exports to maintain output and counteract weak domestic demand. However, countries that typically are net importers, including the US and those in southeast Asia, have expanded production and are suffering equally from weak sentiment and lower economic growth.