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Reviews by Tayfun İşeri at the steel scrap panel organized in Istanbul

Sectoral assessments of Tayfun İşeri, President of the Turkish Flat Steel Import, Export and Industrialists Association (YİSAD)...

Reviews by Tayfun İşeri at the steel scrap panel organized in Istanbul

The United States' success in the steel industry is attributed to investment and location management. In particular, with the increase in electric arc furnace flat steel production capacity, competition is likely to increase for first grade scrap that producers in the southern US are expected to start importing. This situation affects the dynamics of US steel production.

US mills have been reinvesting the high profits of the last five years to build 10 million tons/year of EAF capacity. They decommissioned old blast furnaces and invested in EAFs as part of their decarbonization efforts. Europe, meanwhile, has lagged behind, implementing improvements to existing production processes rather than greenfield investments, according to İşeri.

Tayfun İşeri emphasizes that most of the investments in the US are coming from flat steel and therefore better quality scrap is needed. Additionally, with the decrease in scrap imports, local production will decrease and plants in the South will import scrap through the Gulf of Mexico ports.

As Mexico's EAF capacity increases, it will compete with US mills for scrap supply and increase prices. Europe is not yet ready to consume its main scrap and will continue to export material. And finally, the argument that Türkiye sets scrap prices is challenged, noting that the US controls 60% of the scrap market.

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