The world’s largest mining company, BHP, has raised its long-term forecast for steel demand on the back of the booming renewables sector across the globe.
According to the World Steel Association, global steel production was 1.95 billion tonnes in 2021, but Melbourne-based BHP predicts annual demand to increase by 42 million tonnes by 2030, and 76 million tonnes by 2050 – a two per cent and four per cent rise, respectively.
A surge in solar and wind farm manufacturing is expected to account for a majority of the rise in demand for steel worldwide, with renewable energy investment already at $1.4 trillion in 2022.
BHP is one of the world’s biggest iron ore producers – a key component in the production of steel – and the commodity accounts for half of the company’s revenue.
