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API-Africa

How Chinese Investments Are Reshaping Africa’s Steel Industry

Africa’s steel industry is undergoing a significant transformation, fueled by growing demand and increased foreign investment, particularly from China. In 2024, the continent’s steel market reached 39.49 million tons and is projected to grow at a compound annual growth rate of 3.1 percent, reaching 51.86 million tons by 2034. This expansion is driven by large-scale infrastructure projects, industrialization efforts, and the need to reduce reliance on costly steel imports. The Diplomat.