Influence of the COVID-19 Crisis on Steel Production in Poland Compared to the Financial Crisis of 2009 and to Boom Periods in the Market

This paper presents an analysis of the volume of steel production in Poland during the COVID-19 crisis in the first half of 2020 in comparison to the volume of steel production during the financial crisis initiated in the US during the period 2007-2008, whose effects, in the form of a large decrease in steel production, were seen in 2009 in Poland. A comparison is also made to periods of prosperity in 2004, 2007, and 2017 (when there was a good economic situation in the steel market in Poland). The selection of the time period-the first half of 2020-was based on the emergence of a new situation in the economy, which was lockdown. The aim of the analysis is to determine the impact of the COVID-19 situation on the steel market (volume of steel production) in Poland. The analysis performed could help entrepreneurs manage their companies during the COVID-19 crisis. This paper belongs to the category of research work. The statistical analysis was realized regarding steel production in Poland. Three periods were analyzed: The first half of 2020-the period termed the COVID-19 crisis; the year 2019-the year of a large decrease in steel production in Poland caused by the world financial crisis; and periods of prosperity in the steel market-the years 2004, 2007, and 2017 (periods before crises). The analysis shows that, in order to assess the impact of the COVID-19 crisis on the functioning of enterprises or industries, it is necessary to analyze the situation and compare it with other situations in the past. Moreover, crisis management in the COVID-19 situation must be highly rationalized and real, and the various industrial sectors and companies forming them should adapt this process to their own situation. Results: On the basis of the statistical data, it was found that, in the short term (months), the production of steel during the COVID-19 crisis was a little higher than in the financial crisis of 2009 (excluding steel production in June 2020), and lower than during the boom in the steel market (the comparison to the periods when there was a boom in the Polish steel market was made to show the dynamics of decline).

Automated summary

This study analyzed the volume of steel production in Poland during the COVID-19 crisis and compared it with previous financial crises and boom periods in the steel market. The results highlighted the importance of rational crisis management and adapting to the current situation by analyzing past scenarios.