Released September 24, 2021 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--According to the most recent update to Industrial Info's Global Industrial Project Spending Index, project activity in the Metals & Minerals Industry is up 39.9%, based on the value of projects reaching the construction stage when compared to last year. The index is tracking $316 billion worth of Metals & Minerals projects that have started construction or are scheduled to start construction by the end of 2021. This compares to $226 billion at the same time last year, representing an increase of $90 billion this year.
Click on the image at right for a view of the Global Industrial Project Spending Index, which is updated monthly and is available to all subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database.
The increase this year can be attributed to project restarts following the easing of pandemic-related lockdowns, as well as recovering steel prices and strong demand for energy transition metals, which is driving mining project development.
Steel manufacturing is the single largest sector, accounting for 20% of the value of projects starting construction this year, with 214 projects totaling $27 billion. In China, Rizhao Steel Holding Group has started construction on a new, $1.8 billion steel mill project in Shandong province. The project is part of China's capacity replacement program, whereby a ton of new capacity must replace 1.5 tons of old capacity. Subscribers can click here for a detailed project report.
In North America, the largest steel-manufacturing project to begin this year is ArcelorMittal's (NYSE:MT) (Luxembourg, Luxembourg) $770 million electric arc furnace addition in Calvert, Alabama. Construction started in February and is scheduled for completion mid-2023. Subscribers can click here for a detailed project report.
Of the $316 billion worth of Metals & Minerals projects with construction starts in 2021, more than $132 billion worth already have started construction. The Americas, Europe and Asia regions are all seeing an increase in activity, while Africa and Oceania are experiencing slight declines. The remaining $184 billion is scheduled to start construction. It's important to note that a good portion of these remaining projects will be deferred to future years due to market, financial or permitting conditions.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
Click on the image at right for a view of the Global Industrial Project Spending Index, which is updated monthly and is available to all subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database.The increase this year can be attributed to project restarts following the easing of pandemic-related lockdowns, as well as recovering steel prices and strong demand for energy transition metals, which is driving mining project development.
Steel manufacturing is the single largest sector, accounting for 20% of the value of projects starting construction this year, with 214 projects totaling $27 billion. In China, Rizhao Steel Holding Group has started construction on a new, $1.8 billion steel mill project in Shandong province. The project is part of China's capacity replacement program, whereby a ton of new capacity must replace 1.5 tons of old capacity. Subscribers can click here for a detailed project report.
In North America, the largest steel-manufacturing project to begin this year is ArcelorMittal's (NYSE:MT) (Luxembourg, Luxembourg) $770 million electric arc furnace addition in Calvert, Alabama. Construction started in February and is scheduled for completion mid-2023. Subscribers can click here for a detailed project report.
Of the $316 billion worth of Metals & Minerals projects with construction starts in 2021, more than $132 billion worth already have started construction. The Americas, Europe and Asia regions are all seeing an increase in activity, while Africa and Oceania are experiencing slight declines. The remaining $184 billion is scheduled to start construction. It's important to note that a good portion of these remaining projects will be deferred to future years due to market, financial or permitting conditions.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
