World Steel Association: Steel Demand In The US To Recover In 2023 And 2024 After Falling 2.6% In 2022

According to the report released by the World Steel Association, the US economy staged a strong recovery after the pandemic as the Federal Reserve sharply raised interest rates to address inflation. Economic growth in the US is expected to be limited by recessionary pressures in 2023-2024. Also, investors should be wary of the spillover effects of the recent Silicon Valley Bank bankruptcy. Steel demand in the US is expected to grow by 1.3% in 2023 and 2.5% in 2024, after falling by 2.6% in 2022.