The steel industry recovered from its pandemic lows last year, driven by the resumption of manufacturing and industrial activities worldwide. Steel prices reached record highs in 2021, thanks to increased global demand. This trend is expected to continue in 2022, with growing demand from the construction, automobile, and manufacturing industry. According to Precedence research, the structural steel market is projected to reach $226.9 billion by 2030, growing at a 6.3% CAGR.
Given these factors, we think it advisable to invest in Steel Dynamics, Inc. (STLD) and United States Steel Corporation (X), which possess high growth potential.
