Moreover, the U.S. Federal Reserve and other major central banks have also been hiking interest rates at a more aggressive pace to combat surging inflation. This could hurt global growth and, in turn, impact steel demand from the key consumers including the automotive and construction industry. Moreover, even if there is a downturn in the U.S. economy, indicators do not point to a very deep decline this time around, with household savings rising post the pandemic and banks also remaining well-capitalized.