The steel industry has been propelled by four main drivers of steel-consuming industries: urbanization, motorization, globalization, and industrialization. Together with these ongoing megatrends, global climate action and the Fourth Industrial Revolution are the emerging trends that will affect the future of the steel industry. As new megatrends develop, there will be a considerable shift in customer needs for steel products. In particular, demand is rising for high strength and toughness, high corrosion resistance, and high performance steels. Under global climate action, the steel industry will continue to develop energy saving and recycling technologies and new eco-friendly steelmaking processes. The Fourth Industrial Revolution will profoundly change the future of the steel industry. Through the smart transformation, the global steel industry will create new values.