Why in news?
On May 24, 2020, the World Steel Association released the World Steel Report. According to the report, the crude steel report of India declined by 65%.
The country had produced 9.02 MT of crude steel during the same month a year ago, the World Steel Association (world steel) said in a report.
India had posted a 14 per cent decline in steel.
Global steel output also declined 13 per cent.
China, which had for the first time in many months reported a 1.7 per cent fall in its output.
Background of the World steel Association:
World steel Association is a non-profit organisation with headquarters in Brussels, Belgium. A second office in Beijing, China, opened in April 2006.
The World Steel Association (world steel) was founded as the International Iron and Steel Institute on 10 July 1967. It changed its name to the World Steel Association on 6 October 2008.
World steel Association represents over 160 steel producers (including 9 of the world’s 10 largest steel companies), national and regional steel industry associations, and steel research institutes. World steel members represent around 85% of world steel production.
Objectives of World steel:
- To act as the focal point for the steel industry providing global leadership on all major strategic issues impacting the industry, particularly focusing on economic, environmental and social sustainability.
- Deliver benchmarking analysis and drive global improvement initiatives in the areas of environmental protection, technology, safety and people development.
- Promote global market development opportunities for steel and promote steel to the world at large.
- Provide on a timely basis world-class economic data and analysis on the global steel industry and its value chain, as well as assessments on life cycle aspects of steel.
- Increase awareness, understanding and support for the steel industry amongst all external stakeholders and key target audiences worldwide.
- Promote market competition that is free of government interventions preventing fair trade.