Steel operates under rising trade protectionism, global market fragmentation and chronic overcapacity — intensifying competition and supply-chain regionalisation.
Decarbonisation and localisation remain strategic, but delivery depends more on state support, trade defence and home-market access. Western trade defence against cheap imports drove steel’s GAI contribution (+41 pp).
APAC Entry Readiness: • check tariffs and anti-dumping regimes before choosing “export vs local production”; • treat ESG/carbon barriers as part of landed cost; • emerging steel players showed weaker resilience — be cautious in partner due diligence.
Source: Global Business Monitoring, issue 2/2026 (HSE Faculty of World Economy and International Affairs). Adapted for Corporate APAC Desk / Country radar.