The World Steel Association (worldsteel), in an update of its Short Range Outlook (SRO) for 2023 and 2024, forecasts that steel demand will grow by 1.8% this year to 1.81-billion tons after having contracted by 3.3% in 2022. Steel demand is forecast to increase by a further 1.9% in 2024 to 1.85-billion tonnes, worldsteel estimates.