It’s a tough industry to navigate in the world of steel, especially with the global financial crisis dragging down demand and investment in the sector.
But it looks like it’s not going anywhere anytime soon.
Steel industry analyst and former UK Prime Minister David Cameron is on the hunt for new markets for UK steel and he’s found one: China.
And he’s not just talking about the steel markets in the UK: he’s also saying that steel is likely to be exported to other parts of the world.
The UK is currently the largest exporter of steel to China, according to the UK Steel Federation (UKSWF).
The UKSWF’s 2015 report said that China was the largest single supplier of steel worldwide, with demand up to 15% of the global market.
The report also revealed that steel production in the United States, the world’s largest steel market, was up 10% last year to an estimated 7.5 million tons.
That number, according the UKSWP, represents just a fraction of the total steel production worldwide.
The US is the world leader in steel output, producing more than $1 trillion in total steel exports in 2015.
But the UK is the fourth largest exporer in the global steel market.
Cameron is looking for a new market, according, as he believes the UK will be the best place to do business.
China is a booming market.
It’s in the top 10 of the top 30 largest steel producers globally, according Bloomberg Intelligence.
China’s total steel output is estimated to be $4.8 trillion.
China’s steel market is highly competitive, according China Steel Group, the largest steel exporter in the country.
The company is currently in talks with China Steel Corp., a subsidiary of China Steel Industries (CCI) to explore joint ventures in the coming years.
The two companies have agreed to collaborate on steel products, such as steels for passenger vehicles and products for construction, according Reuters.
Cameron said that if the UK can make steel in China, it could become the next hub for global demand.
The deal with CCI, he added, could be a key part of the UK’s growth strategy in China.
According to Cameron, China is “one of the most important markets for us in the steel sector,” and he is looking to make it a reality.
It will be interesting to see what happens with the proposed partnership, as Cameron is likely looking to get China to join the UK as a major player in steel.