The global weathering steel market is projected to develop at a great pace in the coming years due to the booming construction industry. Weathering steels are a special kind of steel that possess high load-bearing and strength properties. Due to this, weathering steel is mainly used in the construction of large buildings and bridges. Additionally, steel is also used for numerous tasks such as the building of rolled structures for construction applications.
One of the main reasons for the high adoption rate of weathering steel is its enhanced corrosion resistance property. It thus makes it an ideal choice for construction of large structures such as bridges as it helps in increasing the life of the structure. Architects and designers are encouraging the use of weather steels for both indoor and outdoor construction. Its obvious structural properties are helping to drive the growth of the global market.
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Some of the key players in the global weathering steel market include names such as Tata Steel, SSAB JE, Arcelor Mittal, Posco, JFE Steel, and HBIS Group among others. The companies in the market are opting for strategic mergers and acquisitions in order to bolster their portfolio in the market.
Some of the notable developments in the global weathering steel market are listed below:
• In October 2018, Nippon Steel & Sumitomo Metal Corporation (NSSMC) took over Essar Steel India Limited and Arcelor Mittal. This move allowed NSSMC to bolster its foothold in the weathering steel market.
• In July 2019, Tata Steel announced that the company has been successful in raising funds of US$600 million. The fundraising will be mainly used for the partial refinancing of the loans and also partial funding the expenditure of the phase two expansion of the Kalingangar Plant. The company is striving to increase its cash flow reserves in order to cut down the debt burden.
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