The Steel Outlook is the OECD’s annual analysis of the world steel market. It provides the most up-to-date figures and the medium-term outlook showing developments in the world steel market by area, and the main characteristics, apparent consumption, production and trade trends in the steel industry globally.
The global steel industry faces persistent challenges that are likely to intensify in 2026 and beyond. Global steel excess capacity is projected to grow through 2028 amid sluggish steel demand growth. Capacity utilisation could fall, intensifying downward pressure on the industry’s profitability.
The industry is facing significant trade and adjustment challenges. Competition is being distorted by increasing subsidisation of the steel industry, mainly outside of the OECD area. The pervasive use of subsidies is severely distorting competition and weakening the market function of the sector.
The analysis presented in this report highlights the need to address the root causes and impacts of distortionary policies to build a level playing field for steel producers worldwide.
