With capacity and production volumes growing faster than demand, the global steel market has been changing from a sellers’ to a buyers’ market.
Low prices, product substitutions and China’s increased exports are all further contributing to steel industry volatility. Previously, steel producers looked to short-term fixes such as tactical cost cutting and asset restructuring, but that is no longer sufficient. Given current market dynamics, a long-term approach that aligns steel production with customer needs is required. Learn five ways that steel companies can become more customer centric in order to differentiate, improve profitability and be competitive.
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