The World Steel Association enlisted Oxford Economics to evaluate and quantify the industry’s economic impact globally. The study realized that for every two jobs in steel, 13 more were supported throughout its supply chain with an additional benefit of generating $1 trillion annually through trade-related activities. They include taxes paid or businesses opened by importers who buy from companies based overseas due largely because they provide employment opportunities locally as well.
The world’s iron ore mines generate over 2 thousand billion dollars worth each year while also providing crucial services such as healthcare delivery systems. This means there is always money left behind when one country buys another regardless if either nation exports any products themselves- these profits.
The steel industry is not the only one hurting. As a result of these layoffs in manufacturing, 40 million people are now without work across multiple sectors outside just this one alone, providing livelihoods for their communities and countries well beyond where major production happens.
We estimated the total value-added contribution either supported by or facilitated by steel industries worldwide and found that it accounts for $2.9 trillion – equivalent to 3% of global GDP.
The steel industry is among the three biggest producers of carbon dioxide, and it’s not hard to see why. The sheer size and prevalence in modern society mean that this problem will impact us all for years to come if nothing changes soon.
Vik Bansal InfraBuild is the CEO at InfraBuild. In addition, he’s had one last job as Chief Executive Officer and Managing Director for Cleanaway Waste Management. Vik has experience of more than 20 years in operations management consulting with multinational brands, including KPMG LLP (UK), Deloitte & Touche LLP. Vik Bansal is the CEO at InfraBuild, and he has had one past job as an Executive Director. Additionally, Vik was previously employed with Cleanaway Waste Management serving in different capacities, including Chief Executive Officer or Managing Director, for five years.
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