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Asian Steel Watch Vol. 7 Press Release (August 2019)  다운로드

POSCO Research Institute (POSRI) released the 7th issue of Asian Steel Watch (ASW) in August 2019. This bi-annual English journal is specialized in the Asian steel industry and market.   Asian Steel Watch provides insightful, in-depth analysis of the Asian steel market. In this issue, Asian Steel Watch sheds light on corporate citizenship under the On the Cover section titled, “Being a Good Corporate Citizen,” with a contribution by Katherine Smith, Executive Director of Boston College Center for Corporate Citizenship and case studies of Tata Steel and POSCO. It features Special Report on Restructuring of the Chinese Steel Industry: Challenges and Prospects by Zhen Yuchun, Deputy Director of the Chinese Steel Development and Research Institute. The Featured Article section deals with smart cities with 5G technology. Finally, the Market Trend and Analysis section covers Vietnam’s Steel Industry: Characteristics and Steel Demand Forecast.   For the full version, please visit POSRI website (https://www.posri.re.kr/eng/ Error! AutoText entry not defined. )Asian Steel Watch Vol.7 covers the following issues in detail:   [On The Cover] “Being a Good Corporate Citizen” The Corporate Citizenship Challenge by Katherine Smith, Executive Director of Boston College Center for Corporate Citizenship What is corporate citizenship? It means to build a more ethical, resilient, sustainable, and profitable company. In order to succeed, corporate citizenship and ESG investments should connect to, and support, the business strategy of companies. Corporate citizenship programs can be differentiated, thanks to stakeholders with their own issues and priority as well as companies’ core competencies, desired values, and resource constraints. Corporate giving programs managed in a strategic way add value to society and improve a company’s operating context. Tata Steel: A Benchmark in Corporate Citizenship by Sourav Roy, Chief of CSR, Tata Steel Part of the 150-year-old Tata Group, Tata Steel has brought to reality the vision of its founder, Jamsetji Nusserwanji Tata—providing positive value to society while exceeding the expectations of stakeholders. At Tata Steel, ‘responsible capitalism’ is not just straightforward philanthropy stemming from business success; it is the manner in which the Company applies the tenets of social responsibility in conducting its business, balancing social commitment with business expertise, and developing a cogent philosophy in which the company’s long-term success is reviewed through the dual lens of sustainability and financial benchmarks. Tata Steel makes efforts to identify options to create a larger societal value while trying to tread lightly on the planet —it focuses on total value. CSR at Tata Steel has moved from a philanthropy mode to one where a joint effort by the corporate, the state and the community facilitates deeper-rooted socio-economic development. The key takeaway from Tata Steel’s sustainability strategy is that corporate citizenship efforts should always align with company goals while delivering value to both society and the company.   POSCO’s Corporate Citizenship: Its Meaning and Application Celebrating 50 years of operation in 2018, POSCO announced a new management philosophy for its pursuit of corporate citizenship, ‘Corporate Citizenship: Building a Better Future Together,’ which supports prosperity shared with its business, people, and society. With consensus for corporate citizenship shared by employees, the company has set key activities for three areas of focus—business, people, and society—and built governance for higher participation and support by employees. To make a society better, POSCO tries to make and improve its corporate citizenship activities across all three areas. POSCO’s vision of corporate citizenship is just starting out, and it requires further refinements to succeed. Corporate citizenship is not a challenge for POSCO alone, but an issue that many other global companies and communities must consider and undertake. Five Social Issues Facing the Korean Steel Industry: A Corporate Citizenship Perspective In order to apply the concept of corporate citizenship to corporate strategies and activities, companies should comprehensively grasp the environment and society. Focusing on five social issues in Korea—population mix, income gap, youth unemployment, environmental impact, and energy mix—and their direct and indirect impacts on society, steel companies might be able to get insight. The five socials issues do not operate independently within a given area, but operate dynamically through systematic interaction. As an example for a wider perspective, five pressing issues in South Korean society and their causal relations may serve as a rough sketch for developing corporate citizenship strategies and activities for the steel industry in the future.    (Special Report)  Zhen Yuchun, Deputy Director of the Chinese Steel Development and Research Institute gives insight into Restructuring of the Chinese Steel Industry: Challenges and Prospects The Chinese steel industry is facing several challenges: low steel industry concentration ratio, inefficient industrial alignment, difficulty in reforming state-owned steel mills, mounting environmental requirements, and impact of smart manufacturing. The restructuring of the Chinese steel industry will be accelerated in the future with local governments’ ambitious goals for steel restructuring and M&A and stagnating steel market. Under strict environmental restrictions, the steel industry will face active realignment and reform of state-owned enterprises.    (Featured Articles) 1) The Evolution of Smart Cities and Opportunities for the Steel Industry, 2) Shifting Needs for Steel Materials with the Rise of 5G Telecommunications and Smart Cities  The Evolution of Smart Cities and Opportunities for the Steel Industry As rapid urbanization and expanding megacities give rise to several urban problems such as high population density and environmental pollution, smart cities are gaining ground. The goals and implementation schemes for smart cities vary by region, but there are some keywords commonly shared by smart cities projects—energy efficiency and environmentally-friendly cities. The business model for smart cities is evolving from the one-time construction of infrastructure to a platform-based business model accompanied by citizen participation. Shifting Needs for Steel Materials with the Rise of 5G Telecommunications and Smart Cities The advent of 5G technology will help humans transcend time and transform their ways of life. The materials industry should take a preemptive approach to this new order. Five issues related to future materials include ▶ adapting to a new climate regime, ▶ preparation for a super-aged society, ▶ disaster prevention, ▶ continuous economic growth, and ▶ hyper-connected society. The following needs will arise spurring the development of new materials: the rise of future metropolitan cities, establishment of new logistics system, sustainable urban systems. The steel industry will be able to create a competitive advantage if it takes a preemptive approach to new materials development.   (Market Trend and Analysis) Vietnam’s Steel Industry: Characteristics and Steel Demand Forecast With the massive FDI infusions following the 2000s, Vietnam has registered steady growth with a CAGR of over 6%, thanks to its FDI-centered growth strategy. Lacking the funds to build integrated steel mills (ISM), Vietnam took a step-by-step approach to build downstream facilities first for producing flat products and then upstream facilities to complete an ISM. Under the government’s policy support, the steel industry is seeking to shift its industrial structure by building an ISM. Although Vietnam is a steel-consuming country, particularly for construction, growth of steel consumption for automobiles and machinery continues to slow. Vietnam’s construction industry is expected to maintain a CGAR of 7.2% by 2022.   ------------------------------------------------------------------ Notes to Editors:   POSCO Research Institute (POSRI) is a leading research institute headquartered in Seoul, Korea. Established in 1994, it offers research and consulting especially focusing on steel. However, its research areas are not confined to steel. POSRI conducts research in various fields, including the economy, steel-consuming industries, business, materials, energy, and the environment. POSRI publishes Asian Steel Watch, a bi-annual English journal specialized in the Asian steel industry and market, and Chindia Plus, a bi-monthly Korean journal specialized in China, India and other Asian countries.

2019.08.20 3,789
99

Vietnam’s Steel Industry: Characteristics and Steel Demand Forecast  다운로드

With the massive FDI infusions following the 2000s, Vietnam has registered steady growth with a CAGR of over 6%, thanks to its FDI-centered growth strategy. Lacking the funds to build integrated steel mills (ISM), Vietnam took a step-by-step approach to build downstream facilities first for producing flat products and then upstream facilities to complete an ISM. Under the government’s policy support, the steel industry is seeking to shift its industrial structure by building an ISM. Although Vietnam is a steel-consuming country, particularly for construction, growth of steel consumption for automobiles and machinery continues to slow. Vietnam’s construction industry is expected to maintain a CGAR of 7.2% by 2022.

Ki-Yong Jeon 2019.08.20 4,368
98

Shifting Needs for Steel Materials with the Rise of 5G Telecommunications and Smart Cities  다운로드

The advent of 5G technology will help humans transcend time and transform their ways of life. The materials industry should take a preemptive approach to this new order. Five issues related to future materials include ▶ adapting to a new climate regime, ▶ preparation for a super-aged society, ▶ disaster prevention, ▶ continuous economic growth, and ▶ hyper-connected society. The following needs will arise spurring the development of new materials: the rise of future metropolitan cities, establishment of new logistics system, sustainable urban systems. The steel industry will be able to create a competitive advantage if it takes a preemptive approach to new materials development.

Joonho Lee 2019.08.20 3,643
97

The Evolution of Smart Cities and Opportunities for the Steel Industry  다운로드

As rapid urbanization and expanding megacities give rise to several urban problems such as high population density and environmental pollution, smart cities are gaining ground. The goals and implementation schemes for smart cities vary by region, but there are some keywords commonly shared by smart cities projects—energy efficiency and environmentally-friendly cities. The business model for smart cities is evolving from the one-time construction of infrastructure to a platform-based business model accompanied by citizen participation.

Je-Ho Cheong 2019.08.20 3,688
96

Restructuring of the Chinese Steel Industry: Challenges and Prospects  다운로드

The Chinese steel industry is facing several challenges: low steel industry concentration ratio, inefficient industrial alignment, difficulty in reforming state-owned steel mills, mounting environmental requirements, and impact of smart manufacturing. The restructuring of the Chinese steel industry will be accelerated in the future with local governments’ ambitious goals for steel restructuring and M&A and stagnating steel market. Under strict environmental restrictions, the steel industry will face active realignment and reform of state-owned enterprises.  

Zheng Yuchun 2019.08.20 3,765
95

Being a Good Corporate Citizen  다운로드

1) The Corporate Citizenship Challenge by Katherine Smith 2) Tata Steel: A Benchmark in Corporate Citizenship by Sourav Roy 3) POSCO’s Corporate Citizenship: Its Meaning and Application ny Yang Weon-Jun 4) Five Social Issues Facing the Korean Steel Industry: A Corporate Citizenship Perspective by Sooyoung Kim

Katherine Smith,Sourav Roy,Yang Weon-Jun,Sooyoung Kim 2019.08.20 4,866
94

Towards Closed-Loop System in the Steel Industry  다운로드

Dr Jun H. GOH, Chief Economist, POSCO Research Institute attended worldsteel's Circular Economy Conference in September 2018 and looked at how we could work towards a closed-loop system in the steel industry. The presentation file is attached and the full version of the streaming video is found at: http://www.posri.re.kr/ko/board/content/15590 Related article: http://www.posri.re.kr/ko/board/section_content/6998  

Jun H. Goh 2019.02.12 7,143
93

Asian Steel Watch Vol. 6 Press Release (December 2018)  다운로드

POSCO Research Institute (POSRI) released the 6th issue of Asian Steel Watch (ASW) in December 2018. This bi-annual English journal is specialized in the Asian steel industry and market.   Asian Steel Watch provides insightful, in-depth analysis of the Asian steel market. In this issue, Asian Steel Watch sheds light on global value chains under the On the Cover section titled, “The Steel Industry in the Context of Global Value Chains.” It features interview with OECD Steel Committee Chair Lieven Top and Special Report on Ten Years after the Financial Crisis, Where is the Global Economy Headed? by POSRI. The Featured Article section deals with the closed-loop system for the steel industry and steel industry policies under the Xi Jinping Administration. Finally, the Market Trend and Analysis section covers The China Shock Revisited: Shifts in the Scrap Market Dynamics and Their Ramifications.   For the full version, please visit POSRI website (https://www.posri.re.kr/eng/) Asian Steel Watch Vol.6 covers the following issues in detail:   Interview with OECD Steel Committee Chair Lieven Top, “Challenges Facing the Global Steel Industry and the Way Forward” Mr. Lieven Top, Chair of the OECD Steel Committee talked to Asian Steel Watch about the steel committee and global steel industry. 1) History, organization, role, and major outcomes of the OECD Steel Committee The OECD Steel Committee celebrates this year its 40th anniversary! The objective of the Steel Committee is supporting the viability of the steel industry. Means to realize this are policies that reduce market distortions and promote competitive and open markets for steel. The Steel Committee has become over the decades the central platform for multilateral steel problems to be discussed. The Committee mandate calls on governments to work together in order to: 1) reduce trade barriers; 2) deal with crisis situations in close consultation with trading partners; 3) facilitate necessary structural adaptations that reduce pressures for trade; 4) actions and promote rational allocation of productive resources; 5) avoid encouraging economically unjustified investments; 6) ensure that state-owned enterprises act in accordance with market principles; and 7) facilitate multilateral co-operation consistent with the need to maintain competition. 2) Steel overcapacity as its key agenda item Excess capacity remains certainly the key challenge for the global steel industry. Considering limited expectations of demand growth, overcapacity persists at near-record levels of 540 Mt. This is further fuelled by increases in capacity in 2018, whose 2% growth brings current global steelmaking capacity up to 2291 Mt. OECD data show that global steelmaking capacity could increase by 1.6% between 2019 and 2021 in the absence of closures. On the medium and longer term (2035), very slow growth is further expected for steel consumption. This means that unavoidably important further capacity closures will be needed to approach a market balance. 3) The spread of protectionism Steel trade continues to decline amidst increasing trade actions in the global steel market. Global steel exports decreased by 7.9% in the first quarter of 2018 compared to the same period in 2017. Global imports continued to decrease in 2018, falling by 6.6% in the first quarter of the year compared to the same period in 2017. Aside of close monitoring, steps are needed in the right international fora like the WTO, to evolve towards a sustainable international trade, which is in the long term interest of the whole of the steel sector. 4) Challenge of climate change for steel companies Steel companies are confronted with different aspects of mitigation and of adaptation. Agreement of Paris and consecutive policy on different levels causes or stimulates further decisions focused on increasing energy efficiency, adapting used energy mix, and other emission reduction measures. There is also the more recent phenomenon of growing direct impact on the operation of companies and their employees by several climate change effects. If appropriately designed, there can be potential double dividends, supported by policy making. 5) Prospect for the global steel industry Demand growth next year decelerates further under 1%, and will remain slow on the longer term. It is the sum of a number of underlying, interrelated effects of economical growth and other interrelated factors influencing demand in very different ways, like the evolution of consumption patterns, aging population, the rise of the circular economy concept, and competing products. This illustrates the permanent challenge for forecasters integrating these elements to improve their models. 6) Development of the steel industry Working together in international institutions like the OECD or the WTO remains a fundamental pillar. These are the fora where governments can work together in a multilateral way based on rules. The steel industry will certainly benefit from authorities learning from each other’s experiences how to address challenges as reductions of capacity, climate objectives or digitalization.   [On The Cover] “The Steel Industry in the Context of Global Value Chains.”  Global Value Chains: A Framework for Analyzing the Steel Industry GVC develops when the influence of a value chain transcends the borders of a country and spreads into cross-country activities. GVC refers to the fragmentation and decentralization of production processes into networks of vertically and horizontally intertwined countries, industries, and enterprises, as well as the subsequent value-added activities. Global steelmakers are targeting emerging markets and focusing on an expansion of value-added products. Given the international fragmented production structure, it is hard to trace value-added contributions because of this double counting issue. To address this issue, exports are divided into domestic value added absorbed abroad (DVA), domestic value added returned home (RDV), and foreign value added (FVA). Steel Global Value Chains and Sub-sectorial Comparative Advantage This note examines the role of Global Value Chains (GVCs) in the context of the steel sector. GVCs, a prevailing phenomenon in the globalised modern world, are characterised by the interaction of domestic value chains across different economies for the production of a certain good. Input-Output (I-O) analysis represents a novel methodological framework that provides a better understanding of the role played by different types of inputs in the generation of comparative advantages. Indicators constructed through I-O data have the potential to shed new light on the intricacies of modern steel global value chains and on the generation of comparative advantage at sub-sectorial level compared to standard measures.   Industrialization, GVC, and Steel Demand This article examines the industrialization prospects of developing countries and their implication for steel demand in light of the GVC evolution. There are some reasons to doubt that the traditional idea about industrialization and its impact on steel demand might have been altered due to a global value chain (GVC) in the manufacturing sector. Being incorporated into a global supply chain paves the way for a fast-track industrialization for developing economies with lower domestic capital requirements. However, in the case of industrialization through GVC, industrial development might be limited to a narrow range of sectors that are integrated into GVC and spillover into other industries is likely to be limited. Premature deindustrialization is a phenomenon, in which developing countries have experienced a decreasing share of manufacturing in terms of either employment or GDP much before reaching the living standards of developed countries. It seems that only rather scarce opportunities are left for developing countries to achieve a full-scale industrialization with own supply chains. Therefore steel demand potential for late-developing countries will be limited compared to early industrializers. Export Competitiveness and the Global Value Chains for the Korean Steel Industry This articles study Korean steel trade by applying the decomposition of value-added exports suggested by Wang, Wei, and Zhu (WWZ, 2013). The Korean steel industry’s GVC participation is higher than construction and services as it has high forward and backward effects and highly depends on raw materials imports. Korea rapidly participated in GVCs during 2000-2012 by producing offshore and importing low-priced Chinese steel for consumption at home or re-export. However, since 2012, GVCs have weakened due to rising global protectionism, the shift to domestic demand-driven structures in some Asian economies, and the narrowing production cost gap between developed and developing countries.   (Special Report) Dr. Jun H. Goh, Executive Vice President of POSCO Research Institute and other two experts conduct in-depth analysis on “Ten Years after the Financial Crisis, Where is the Global Economy Headed?” Ten years after the financial crisis, the global economy will face four major changes: excess debt, sluggish real sectors, the G2 imbalance, and low productivity, and demographic onus, triggering shifts in global finance, the real economy, industry, and trade. The four changes are: 1) Excess debt and financial distress: Debt-dependent growth will face limitations with the end of the low interest rate era. Global interest rates will inevitably rise and the related risk will grow for heavily-indebted countries; 2) New normal of structural low growth: Chronic demand shortfalls and productivity decline will diminish growth. Structural low growth in the global economy will become a new normal; 3) Manufacturing margin squeeze and evolving industrial ecosystem: With the deepening margin squeeze, the ecosystem is rapidly evolving to a digital-based version and smart technology-based big business is anticipated to rise; 4) Neo-protectionism: The era of neo-protectionism has come with the rise of nationalism and higher trade barriers. The ongoing US-China trade war is a hegemonic struggle that is highly likely to persist. - The changes in the global economy are not basically assumed in a crisis scenario. However, given the current global economic conditions, another crisis cannot be ruled out. One plausible scenario would be a G2-led economic crisis in the next couple of years. - Three economic variables—interest rates, foreign exchange rates, and oil prices—will have high volatility and stabilize over the medium-to long-term. Enterprises should pursue strengthened risk management and a prudential approach to new business and major investment. However, as conventional business opportunities are integrated with ICT, the smart infrastructure market in emerging economies will continue to grow. Using joint research with global enterprises, it will be necessary to create new business opportunities.  (Featured Articles) 1) Towards a Closed-loop System for the Steel Industry, 2) Steel Industry Policies under the Xi Jinping Administration and Their Implications  Towards a Closed-loop System for the Steel Industry The Fourth Industrial Revolution is expected to trigger fundamental changes in the way we produce and consume goods and resources, accelerating the transition to a circular economy. Steel companies need to understand their strong and weak points and seek ways to address challenges for improving circularity. Recently, steel companies have begun to recognize the impact of value chains and implement various business practices and models. When responding to challenges and opportunities in the circular economy, there are three key areas of focus: process innovation; product innovation; and creating a ‘closed-loop platform.’ In the due course to reach the circular economy era, steelmakers will naturally become more innovative in green technology that will generate unimagined circular business opportunities as well. Steel Industry Policies under the Xi Jinping Administration and Their Implications With the advent of the first term of the Xi Jinping Administration in May’13, the Chinese steel industry faced challenges with the rising number of steel company declaring bankruptcy amid plummeting demand, supply glut, and cost increase. Fully recognizing the severity of the situation, the Chinese government prioritized the closure of plants producing low-quality steel from scrap (ditiaogang) and initiated a sweeping restructuring. Steel policy direction during Xi’s second term (Mar. 2018 – Feb. 2023) includes the scaling-up of steelmakers, higher quality products, and smart & green manufacturing, and globalization under continuous capacity control. As the Chinese steel industry will be upgraded in terms of quality and greatly impact the global steel industry, the global steel industry must prepare for such changes.   (Market Trend and Analysis) The China Shock Revisited: Shifts in the Scrap Market Dynamics and Their Ramifications China’s steel scrap consumption totaled 100.1 Mt in 2016 and China exported 2.2 Mt of steel scrap in 2017. Despite China’s power in the global steel market, its standing in the steel scrap market is minimal. EAF represented only 5.2% of Chinese crude steel production, far lower than the global average of 26%. With the closure of ditiaogang facilities in 2017, the Chinese steel scrap market is tumbling, as evidenced by the surge of China’s scrap exports from 1,000 tonnes in 2016 to 2.2 Mt in 2017. With the closure of 140 Mt capacity of ditaiogang, low-quality steel made from scrap metal, approximately 70 Mt of unrecorded scrap transactions have revealed, lead to price decline and export increase. An analysis of possible long-term and structural changes to the Chinese steel scrap market shows that steel scrap generation is expected to surge and overflow after 2025. Chinese steel scrap supply will swell from 170 Mt in 2017 to 310 Mt in 2030, and Chinese scrap consumption is expected to mark 165 Mt in 2017 and 260 Mt by 2030. In this case, the scrap supply glut could reach 17 Mt in 2020 and 50 Mt of excess scrap supply will be added after 2025. With the rise of scrap supply, there will be an increasing number of small EAFs across China, even in inland China. China will raise its self-sufficiency rate in raw materials supply and could mirror the US structure. By 2025, the shock from Chinese steel in the 2000s will be revisited with the impact of Chinese steel scrap.   Notes to Editors:   POSCO Research Institute (POSRI) is a leading research institute headquartered in Seoul, Korea. Established in 1994, it offers research and consulting especially focusing on steel. However, its research areas are not confined to steel. POSRI conducts research in various fields, including the economy, steel-consuming industries, business, materials, energy, and the environment. POSRI publishes Asian Steel Watch, a bi-annual English journal specialized in the Asian steel industry and market, and Chindia Plus, a bi-monthly Korean journal specialized in China, India and other Asian countries.

Cheol-Ho Chung,Sojin Yoon 2018.12.31 6,744
92

The China Shock Revisited: Shifts in the Scrap Market Dynamics and Their Ramifications  다운로드

∙ China’s steel scrap consumption totaled 100.1 Mt in 2016 and China exported 2.2 Mt of steel scrap in 2017. Despite China’s power in the global steel market, its standing in the scrap market is minimal. - EAF represented only 5.2% of Chinese crude steel production, far lower than the global average of 26%. ∙ With the closure of ditiaogang facilities in 2017, the Chinese steel scrap market is tumbling, as evidenced by the surge of China’s scrap exports from 1,000 tonnes in 2016 to 2.2 Mt in 2017. - With the closure of 140 Mt capacity of ditaiogang, low-quality steel made from scrap metal, approximately 70 Mt of unrecorded scrap transactions have revealed, lead to price decline and export increase. ∙ An analysis of possible long-term and structural changes to the Chinese steel scrap market shows that steel scrap generation is expected to surge and overflow after 2025. - Chinese steel scrap supply will swell from 170 Mt in 2017 to 310 Mt in 2030, and Chinese scrap consumption is expected to mark 165 Mt in 2017 and 260 Mt by 2030. In this case, the scrap supply glut could reach 17 Mt in 2020 and 50 Mt of excess scrap supply will be added after 2025. ∙ With the rise of scrap supply, there will be an increasing number of small EAFs across China, even in inland China. China will raise its self-sufficiency rate in raw materials supply and could mirror the US structure. - By 2025, the shock from Chinese steel in the 2000s will be revisited with the impact of Chinese steel scrap.

Sang-Hyung Shim 2018.12.28 6,880
91

Steel Industry Policies under the Xi Jinping Administration and Their Implicatio  다운로드

With the advent of the first term of the Xi Jinping Administration in May’13, the Chinese steel industry faced challenges with the rising number of steel company declaring bankruptcy amid plummeting demand, supply glut, and cost increase. Fully recognizing the severity of the situation, the Chinese government prioritized the closure of plants producing low-quality steel from scrap (ditiaogang) and initiated a sweeping restructuring. Steel policy direction during Xi’s second term (Mar. 2018 – Feb. 2023) includes the scaling-up of steelmakers, higher quality products, and smart & green manufacturing, and globalization under continuous capacity control. As the Chinese steel industry will be upgraded in terms of quality and greatly impact the global steel industry, the global steel industry must prepare for such changes.

Chang-Do Kim 2018.12.28 6,092
90

Towards a Closed-loop System for the Steel Industry  다운로드

The Fourth Industrial Revolution is expected to trigger fundamental changes in the way we produce and consume goods and resources, accelerating the transition to a circular economy. Steel companies need to understand their strong and weak points and seek ways to address challenges for improving circularity. Recently, steel companies have begun to recognize the impact of value chains and implement various business practices and models. When responding to challenges and opportunities in the circular economy, there are three key areas of focus: process innovation; product innovation; and creating a ‘closed-loop platform.’ In the due course to reach the circular economy era, steelmakers will naturally become more innovative in green technology that will generate unimagined circular business opportunities as well.

Jun H. Goh,Yoon-Jung Chin 2018.12.28 6,593
89

Ten Years after the Financial Crisis, Where is the Global Economy Headed?  다운로드

∙ Ten years after the financial crisis, the global economy will face four major changes: excess debt, sluggish real sectors, the G2 imbalance, and low productivity, and demographic onus, triggering shifts in global finance, the real economy, industry, and trade. The four changes are: 1) Excess debt and financial distress: Debt-dependent growth will face limitations with the end of the low interest rate era. Global interest rates will inevitably rise and the related risk will grow for heavily-indebted countries; 2) New normal of structural low growth: Chronic demand shortfalls and productivity decline will diminish growth. Structural low growth in the global economy will become a new normal; 3) Manufacturing margin squeeze and evolving industrial ecosystem: With the deepening margin squeeze, the ecosystem is rapidly evolving to a digital-based version and smart technology-based big business is anticipated to rise; 4) Neo-protectionism: The era of neo-protectionism has come with the rise of nationalism and higher trade barriers. The ongoing US-China trade war is a hegemonic struggle that is highly likely to persist. - The changes in the global economy are not basically assumed in a crisis scenario. However, given the current global economic conditions, another crisis cannot be ruled out. One plausible scenario would be a G2-led economic crisis in the next couple of years. - Three economic variables—interest rates, foreign exchange rates, and oil prices—will have high volatility and stabilize over the medium-to long-term. ∙ Enterprises should pursue strengthened risk management and a prudential approach to new business and major investment. However, as conventional business opportunities are integrated with ICT, the smart infrastructure market in emerging economies will continue to grow. Using joint research with global enterprises, it will be necessary to create new business opportunities.

Jun H. Goh,Cheol-Ho Chung,Dongyong Choi 2018.12.28 7,416
88

[Interview] Challenges Facing the Global Steel Industry and the Way Forward  다운로드

Lieven Top Chair, OECD Steel Committee Mr. Lieven Top studied economics and political sciences at the Universities of Ghent and Padova. From 2004, he worked as advisor in the political cabinet of various Flemish Ministers of Energy and Environment. He was responsible for the design of national climate policy plans and CO² allocation plans and pioneered in Europe on closing of emission allowance contracts, including with World Bank and the Asian Development Bank. Since 2010, he has been working in the Flemish Department of Economy, Sciences and Innovation. As Director Climate and Industry, he supervises the combination of future European or regional climate rules and their potential impact on competitiveness. Also possible trade distortions and Brexit are points of attention. He also designs and coordinates multilateral programs for energy-intensive industrial sectors. Since 2017, he has been serving as the Chair of the OECD Steel Committee.

Lieven Top 2018.12.28 6,705
87

The Steel Industry in the Context of Global Value Chains  다운로드

1) Global Value Chains: A Framework for Analyzing the Steel Industry  2) Steel Global Value Chains and Sub-sectorial Comparative Advantage  3) Industrialization, GVC, and Steel Demand  4) Export Competitiveness and the Global Value Chains for the Korean Steel Industry 

Ki-Yong Jeon,Ji-Mi Chu,Nae-hee Han,Gianpiero Mattera,Eldar Askerov 2018.12.28 7,091
86

Asian Steel Watch vol. 5 Press Release (June 2017)  다운로드

POSCO Research Institute (POSRI) released the 5th issue of Asian Steel Watch (ASW). This bi-annual English journal is specialized in the Asian steel industry and market.   Asian Steel Watch provides insightful, in-depth analysis of the Asian steel market. In this issue, Asian Steel Watch sheds light on the circular economy under the On the Cover section titled, “Towards The Circular Economy: What It Means to the Steel Industry.” It features interview with HBIS Group Chairman Yu Yong and Special Report on Current Status and Future Prospects for the Japanese Steel Market by the Japan Iron and Steel Federation (JISF). The Featured Article section deals with the Asian stainless market and the decoupling of GDP and steel demand. Finally, the Market Trend and Analysis section conducts A Comprehensive Survey of Steel Demand Forecasting Methodologies and their Practical Application for the Steel Industry.   For the full version, please visit POSRI website (https://www.posri.re.kr/eng/)   Asian Steel Watch Vol.5 covers the following issues in detail:   [On The Cover] “Towards The Circular Economy: What It Means to the Steel Industry.”    How Steel is Helping to Achieve a Global Circular Economy There is an increasing focus on making products last longer, reusing or mending them, or even remanufacturing them. This new concept has been branded a circular economy where the focus is on reduce, reuse, remanufacture and recycle (4Rs). The steel industry is well placed to contribute to a circular economy and is part of the solution in addressing environmental concerns for many products and services. Key properties of steel (strength, durability, magnetic properties) make steel a key enabler of a circular economy. This article outlines how the steel industry is addressing current environmental issues as well as how regulations can be utilized to generate an overall environmental improvement of products and services. Improving Sustainable Competitiveness in Preparation for a Circular Economy: The Case of POSCO In terms of sustainability and a circular economy, steel is not free from environmental concerns, but steel can become a cornerstone for a sustainable circular economy considering lightweighting, long service life, and rich iron ore reserves, Based on whole life cycle, POSCO is applying life cycle assessment (LCA) to develop products from the perspective of sustainable competitiveness and improve their eco-friendliness. Representative products to which LCA was applied include advanced high strength steel (AHSS), Hyper NO electrical sheet, Giga Steel, and PosMAC. AHSS applied to gasoline vehicles reduces vehicle body weight, improving fuel efficiency and reducing greenhouse gas emissions. Motor cores with Hyper NO minimize core losses, thereby improving the power efficiency of home appliances and cut greenhouse gas emissions. In terms of PosMAC and Giga Steel, POSCO is preparing for a low-carbon circular economy through a full life cycle database and third-party certification. Developing “PosMent” with a higher slag content, POSCO is strengthening the circular industry ecosystem and reduce greenhouse gas emissions.   Tata Steel Europe’s Approach to the Circular Economy in a Life Cycle Perspective Steel has excellent credentials as a sustainable material for a circular economy compared to many other engineering materials, on account of, among other attributes, the very high recycling rates throughout its life cycle. There are nonetheless further opportunities for greater circularity in steel and Tata Steel Europe is one of the several steel companies at the forefront of exploring these opportunities. Links between life cycle thinking, the circular economy, and sustainability are many and are at the heart of Tata Steel Europe’s own journey towards a more sustainable organization. Examples of the company’s activities include its active role in the policy and standards arena, where life cycle and circular economy aspects are increasingly prevalent. Tata Steel Europe’s engagement in other initiatives embraces those with a process as well as a product focus. These include customer- centric approaches in communicating on life cycle environmental performance. This article concludes with a view of future possibilities for steel to further its circular economy credentials and relevance as a sustainable material and how taking a whole life cycle perspective helps tell its story.   Steel in a Circular Economy: Change, Impact, and Prospects Today a linear “take, make, and dispose” economic model is regarded as reaching its limits. As a sustainable growth model to overcome such limits, a circular economy is increasingly being discussed at the global level. The shift to a circular economy may bring tremendous changes to supply and demand of the steel industry and ultimately its future competitiveness. On the demand side, the falling steel unit requirement of steel-consuming industries, expanding service life of steel products, and falling demand for new steel products will fuel a decline in steel demand. On the production side, however, it provides a chance to take advantage of certain hidden strengths of steel—high-quality, high-quantity recycling. To this end, some challenges should be addressed: improving the purity of scrap and maximizing recyclability; the ease of reuse and remanufacture taken into account from the design stage; and building a cooperative linkage system with steel-consuming industries. To deal with opportunities and threats, the steel industry should ensure circularity of steel to maintain its competitive edge and prove that steel is a competitive material for the circular economy era.   Interview with HBIS Group Chairman Yu Yong on, “Challenges and Responses in the Chinese Steel Industry” HBIS Group Chairman Yu Yong talked to Asian Steel Watch about his company, the Chinese steel industry and global steel industry. 1) HBIS Group’s business and vision HBIS Group encompasses over 30 subsidiaries with 120,000 employees. In 2017, its revenue stood at RMB 306.8 billion and year-end total assets at RMB 376.2 billion, ranking 221st among the Fortune Global 500. Bearing the motto “Assuming the Responsibility of a National Industry”, HBIS maintains a vision of becoming a highly competitive steel company. HBIS pursues the “customer-oriented” sales ideology and the philosophy that “employees provide the irreplaceable competitiveness of a company.” Its business areas include steel business, non-steel business, finance sector, and overseas business. In the steel business, it holds the largest market share in China of steel products for home appliances and the second-largest market share of automotive steel. In the non- steel business, HBIS maintains business segments in mining, finance and securities, modern logistics, steel trading, and equipment manufacturing. In the finance sector, It has four subsidiaries—HBIS Finance, HBIS Leasing, HBIS Factoring, and Caida Securities. And in the overseas business, it is ensuring the globalization of our full industrial chain from resources and manufacturing to trading. 2) HBIS Group’s experience in integration and restructuring HBIS management recognizes that industrial development must necessarily become rationalized and mature. To this end, HBIS Group is 1) establishing a modern group management system for strategic management and control, 2) advancing the steel business with central financial management and control as a breakthrough, 3) pursuing reform through a flattened management structure with the production, and 4) upgrading product mix by satisfying increasingly sophisticated customer needs and expanding the industrial chain to downstream customers. 3) The Chinese government’s restructuring in the future The Chinese steel industry will pursue the following five types of restructuring: it will 1) coordinate products and customers in line with government supply-side reform, 2) achieve low-carbon green growth, 3) bolster innovation strategies and improve production efficiency, 4) continue the ideology of reform and opening and accelerate the globalization of the Chinese steel industry, and 5) enhance efficiency through M&A. 4) How HBIS is preparing for strengthening environmental regulations HBIS has maintained its development philosophy of “coexistence of humans, steel, and the environment” and designated “making green steel for human civilization” as its environmental protection ideology. It has taken the lead in formulating and implementing our “Green Development Action Plan.” It has invested RMB 16.5 billion toward achieving this goal. HBIS has closed obsolete facilities, introduced advanced technologies, and strengthened environment management. It has conducted over 430 energy-saving and emission-cutting projects. Now HBIS is among the leaders in energy saving and environmental protection indices and has been described as the “cleanest factory in the world.” 5) Smartization of the Chinese steel industry Major Chinese steel companies’ automation and information levels have reached global standards. The digitalization rate of their major operation processes stands at over 65% and the ERP rate surpasses 70%, demonstrating a sound basis for smartization. HBIS Group has recently emplaced an automation and information support system and made great strides. Some factories have been designated as national smart manufacturing pilot plants. It is moving forward from traditional manufacturing to smart manufacturing: it will 1) implement smartization and robotics applications across all processes; 2) build simulation systems and digital twin systems to reduce the new product development cycle; and 3) realize the potential value in data through the application of next-generation technologies and enhance system analytics and predictability. 6) Global trade conflicts and the steel industry The Chinese steel industry has consistently been focusing on satisfying domestic demand rather than encouraging massive steel exports. China was a net steel importer until 2005. Steel exports have surged in recent years as Chinese steel products have gained global competitiveness and have been subject to objective rules. Since 2010, the share of exports in Chinese crude steel production has stabilized in the range of 7-14%. In 2017, China’s net steel export ratio (% of crude steel production) stood at only 7.7%. In the future, Chinese steel exports will demonstrate a gradual and stable trend due to the upgrading of the Chinese economic structure, phased implementation of supply-side structural reforms, and maturation of the global market structure. (Special Report) Kiyotaka Terashima, Managing Director of the Japan Iron and Steel Federation (JISF) tells about “Current Status and Future Prospects for the Japanese Steel Market” Post-war steel demand in Japan in terms of apparent crude steel consumption experienced three boom periods. Since total fixed capital formation flattened in the 1990s, the expansion in indirect exports has supported the increase in demand. In the pre-Lehman boom period, demand increased mainly in the manufacturing sector, particularly in automobile. Both domestic sales and exports were increasing during the rapid economic growth period, but in the bubble economy period exports declined while domestic sales were increasing. Steel demand is expected to be pushed down in Japan as housing starts are forecast to shrink further due to the declining population. To cope with this issue, Japan is promoting the formation of more compact cities and the renewal of aging buildings and infrastructure. The Japanese steel industry needs to closely observe future demand and evolving needs and develop high-quality steel products. The key to the future success lies in the efforts to constantly promote the research and development of high-value-added products and to improve service capabilities in response to the changing requirements in the steel market. (Featured Articles) 1) The Asian Stainless Steel Market: Trends, Issues and Prospects, 2) The Decoupling of GDP and Steel Demand: Cyclical or Structural?  The Asian Stainless Steel Market: Trends, Issues and Prospects The stainless steel industry clearly demonstrates the economic emergence of Asia. Stainless steel slab production in Asia surged by 35%p from 42% in 2000 to 77% in 2017. The surge is backed by China, India, and the ASEAN nations. The Asian stainless steel market has five characteristics: 1) high growth potential, 2) influence of China’s NPI mills, 3) growing complexity of nickel market, 4) spread of regulation, and 5) restructuring and consolidation. The Asian stainless steel industry is facing unprecedented challenges, because it can neither seek growth as ROI and cost advantages are uncertain, nor give up the market due to increasing demand. To overcome such challenges, it should seek both cost competitiveness and differentiated strategies.  The Decoupling of GDP and Steel Demand: Cyclical or Structural? In the 2000s, global steel demand growth consistently surpassed global  GDP growth. The dip in global steel demand after 2012 can be mostly explained by the slowdown in global investment and exports. China shifted its growth strategy from investment and exports to consumption as President Xi Jinping took power in November 2012. The decoupling of GDP and steel demand will last for the time being on several aspects: global investment and exports, raw materials prices forecast, mega trend (aging populations, the sharing economy and the Fourth Industrial Revolution), and major forecast institutions’ prospects. Just as the decoupling of global GDP and steel demand persisted until China emerged as a new growth engine for steel demand after the early 2000s, there is a possibility that the decoupling will repeat. The global steel industry should prepare for this.   (Market Trend and Analysis) A Comprehensive Survey of Steel Demand Forecasting Methodologies and their Practical Application for the Steel Industry This article classifies and compiles the methodologies through a comprehensive review of the literature, and then finds clues to enhance the accuracy of steel demand forecasting. The approaches for forecasting steel demand can broadly be classified into the econometric and intensity of use (IU) approaches. Econometric approaches are divided into the econometric demand model and vector autoregression (VAR). The econometric approach widely uses a simple single equation or a simultaneous equation to forecast steel consumption, considering that steel demand is affected by macroeconomic variables including GDP, industrial production, trade structure, and economic volatility. The VAR methodology has the merit of avoiding the weakness of econometric demand model that requires forecasts of exogenous variables since VAR assumes all variables in a model are endogenous. The intensity of use (IU) approaches rose to prominence in the early 1970s when some OECD member countries observed their steel demand fall while macroeconomic indicators grew. The IU approach is a useful concept that attempts to link steel consumption to the technological and structural changes in an economy. Mathematical methodologies and computational approaches Hybrid mathematical methodologies seek to enhance predictability based on the grey model, algorithm, and fuzzy ARIMA model. The steel weighted industrial production (SWIP) index is broadly used by worldsteel and other steel associations. To complement the weakness of top-down macro methodologies which directly predict total steel demand, POSRI is concurrently applying a bottom-up micro methodology to predict demand for 16 steel products and summing them to forecast total demand.   Notes to Editors:   POSCO Research Institute (POSRI) is a leading research institute headquartered in Seoul, Korea. Established in 1994, it offers research and consulting especially focusing on steel. However, its research areas are not confined to steel. POSRI conducts research in various fields, including the economy, steel-consuming industries, business, materials, energy, and the environment. POSRI publishes Asian Steel Watch, a bi-annual English journal specialized in the Asian steel industry and market, and Chindia Plus, a bi-monthly Korean journal specialized in China, India and other Asian countries.

Cheol-Ho Chung,Sojin Yoon 2018.07.10 7,828
85

A Comprehensive Survey of Steel Demand Forecasting Methodologies and their Practical Application for the Steel Industry  다운로드

This article classifies and compiles the methodologies through a comprehensive review of the literature, and then finds clues to enhance the accuracy of steel demand forecasting. The approaches for forecasting steel demand can broadly be classified into the econometric and intensity of use (IU) approaches. Econometric approaches are divided into the econometric demand model and vector autoregression (VAR). The econometric approach widely uses a simple single equation or a simultaneous equation to forecast steel consumption, considering that steel demand is affected by macroeconomic variables including GDP, industrial production, trade structure, and economic volatility. The VAR methodology has the merit of avoiding the weakness of econometric demand model that requires forecasts of exogenous variables since VAR assumes all variables in a model are endogenous. The intensity of use (IU) approaches rose to prominence in the early 1970s when some OECD member countries observed their steel demand fall while macroeconomic indicators grew. The IU approach is a useful concept that attempts to link steel consumption to the technological and structural changes in an economy. Mathematical methodologies and computational approaches Hybrid mathematical methodologies seek to enhance predictability based on the grey model, algorithm, and fuzzy ARIMA model. The steel weighted industrial production (SWIP) index is broadly used by worldsteel and other steel associations. To complement the weakness of top-down macro methodologies which directly predict total steel demand, POSRI is concurrently applying a bottom-up micro methodology to predict demand for 16 steel products and summing them to forecast total demand.

Ji-Mi Chu,Moon-Kee Kong,Center for Economic Research and Information Analysis 2018.07.10 39,752
84

The Decoupling of GDP and Steel Demand: Cyclical or Structural?  다운로드

∙        In the 2000s, global steel demand growth consistently surpassed global  GDP growth. The dip in global steel demand after 2012 can be mostly explained by the slowdown in global investment and exports. China shifted its growth strategy from investment and exports to consumption as President Xi Jinping took power in November 2012. ∙        The decoupling of GDP and steel demand will last for the time being on several aspects: global investment and exports, raw materials prices forecast, mega trend (aging populations, the sharing economy and the Fourth Industrial Revolution), and major forecast institutions’ prospects. Just as the decoupling of global GDP and steel demand persisted until China emerged as a new growth engine for steel demand after the early 2000s, there is a possibility that the decoupling will repeat. The global steel industry should prepare for this.

Cheol-Ho Chung 2018.07.10 8,260
83

The Asian Stainless Steel Market: Trends, Issues and Prospects  다운로드

∙        The stainless steel industry clearly demonstrates the economic emergence of Asia. Stainless steel slab production in Asia surged by 35%p from 42% in 2000 to 77% in 2017. The surge is backed by China, India, and the ASEAN nations. The Asian stainless steel market has five characteristics: 1) high growth potential, 2) influence of China’s NPI mills, 3) growing complexity of nickel market, 4) spread of regulation, and 5) restructuring and consolidation. ∙        The Asian stainless steel industry is facing unprecedented challenges, because it can neither seek growth as ROI and cost advantages are uncertain, nor give up the market due to increasing demand. To overcome such challenges, it should seek both cost competitiveness and differentiated strategies. 

Chan-Wook Park 2018.07.10 39,917
82

Current Status and Future Prospects for the Japanese Steel Market  다운로드

∙        Post-war steel demand in Japan in terms of apparent crude steel consumption experienced three boom periods. Since total fixed capital formation flattened in the 1990s, the expansion in indirect exports has supported the increase in demand. In the pre-Lehman boom period, demand increased mainly in the manufacturing sector, particularly in automobile. Both domestic sales and exports were increasing during the rapid economic growth period, but in the bubble economy period exports declined while domestic sales were increasing. ∙        Steel demand is expected to be pushed down in Japan as housing starts are forecast to shrink further due to the declining population. To cope with this issue, Japan is promoting the formation of more compact cities and the renewal of aging buildings and infrastructure. ∙        The Japanese steel industry needs to closely observe future demand and evolving needs and develop high-quality steel products. The key to the future success lies in the efforts to constantly promote the research and development of high-value-added products and to improve service capabilities in response to the changing requirements in the steel market.

Kiyotaka Terashima 2018.07.10 7,397
81

Challenges and Responses in the Chinese Steel Industry  다운로드

Interview with HBIS Group Chairman Yu Yong Dr. Yu Yong came into the steel industry in 1987. In January 2006, he became Vice President of Tangshan Iron & Steel Company. In 2010, he was appointed Chairman of HBIS Tangsteel Company. From 2012 to 2013, he served as President and Vice Chairman of HBIS Group. In December 2013, he was appointed Chairman of HBIS Group. Since January 2018, he has been Chairman of Chinese Iron & Steel Association(CISA). Dr. Yu Yong holds a master’s and doctorate degrees in Metallurgical Engineering from University of Science & Technology Beijing (USTB). In 2002, he went to Singapore as a Senior Visiting Scholar in Nanyang Technological University, where he got a Doctorate in Economics.

Yu Yong 2018.07.10 39,281
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