Current trends in the development of the global ferrous metals market
Abstract. The objective of the study is to conduct a comprehensive analysis of the directions of increasing the economic potential of the Russian metallurgical industry through the policy of import substitution in the face of unprecedented sanctions from Western countries. The relevance of the study is determined by the need for companies in the metallurgical industry of Russia to form and develop their own foreign economic strategy for the development of steel exports to world markets. The article investigates current problems of the development of the world ferrous metals market based on the analysis of statistical data. Conclusions are drawn about the causes of crisis phenomena in the metallurgical industry under the influence of neo-eco-nomic uncertainty and geopolitical constraints, current trends in technology development, regulatory requirements and digitalization. The possibilities are considered, and ways of overcoming crisis phenomena are proposed.
Keywords: ferrous metallurgy, global economic uncertainty, geo-policy, digitalization of the economy, price volatility, environmental standards, infrastructure, risk management, sustainable production
Highlights:
♦ the analysis of statistical data on the development of the world market of ferrous metals was carried
out;
♦ it is determined that the main causes of crisis phenomena in the metallurgical industry are associated with geo-economic uncertainty and geopolitical constraints;
♦ the importance of modern trends in technology development, regulatory requirements and digitaliza-tion for metallurgy is shown;
♦ the author`s understanding of the possibility of their development is given.
Vladimir A. Noskov, Maxim N. Konkov - Samara State University of Economics, Samara, Russia