Why is there a worldwide steel shortage?

Answer 1

The biggest reason is the growing economies of China and to a lesser extent India. These are the two largest countries in the world they are developing at a very rapid pace. In order to grow their economy and modernize they need large quantities of steel for constructing buildings, manufacturing goods etc. They are now competing with the US, Western Europe, and Japan for roughly the same amount of available steel prior to their large economic booms. Simple supply and demand. The supply hasn't really changed but the demand has gone up drastically. The same is true to oil at the moment.

Answer 2

Because the economy of China and some other countries is growing faster than the world supply of steel. This is also a main reason oil prices are going up. Millions of people in China are now rich enough to own a car, and cars take steel and oil.

Answer 3

There is a shortage because we (world) are using steel faster than it is being produced.

We are using it much more than before because of rapid economic growth and construction in China and India (as well as many other emerging market nations).

Production of steel has not increased as quickly as demand, in part because it takes many years to build new steel plants.