Global Steel Market Size, Share & Trends Analysis Report, by Product Type (Carbon Steel, Alloy Steel, Stainless Steel, Tool Steel), by End-user (Construction, Automotive, Infrastructure, Industrial Machinery, Consumer Goods), By Region (North America, Europe, APAC, and Others), and Segment Forecasts, 2024 – 2032
  • Published Date: Dec, 2023
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  • Pages: 200
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  • Report Summary
  • Table of Contents
  • Segmentation
  • Methodology
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Steel is an alloy primarily composed of iron and carbon, is a fundamental material with diverse applications across various industries, including construction, automotive, infrastructure, manufacturing, and energy. The steel market involves the extraction and processing of raw materials, such as iron ore and coal, the production of steel through metallurgical processes, and the supply chain mechanisms that deliver steel products to end-users. It is characterized by the presence of numerous producers, suppliers, and consumers engaged in the trade of various steel forms, including sheets, coils, bars, and tubes. Market dynamics are influenced by factors such as economic conditions, technological advancements, government policies, and global demand trends. The steel market is integral to the functioning of numerous sectors, playing a pivotal role in shaping industrial landscapes and contributing significantly to the economic development of nations worldwide.

Global Steel Market was valued at US $ 1.6  trillion in 2023 and is expected to reach US $ 2.3  trillion by 2032 growing at a CAGR of 4.2% during the forecast period 2024 – 2032.

COVID -19 Impact

The COVID-19 pandemic has left an indelible mark on the global steel market, introducing disruptions and challenges across the industry. Supply chain complexities arose as lockdowns and restrictions impacted the production of raw materials, transportation logistics, and manufacturing processes. Demand fluctuations were pronounced as economic uncertainties and reduced industrial activities led to a decline in the consumption of steel products, particularly in sectors such as construction and automotive. The resulting economic slowdown triggered price volatility, complicating cost management for producers and consumers alike. Operational challenges, including workforce shortages and plant closures, further strained the efficiency of steel manufacturing processes. Delayed projects and disruptions in trade flows added to the sector's challenges. However, the steel industry demonstrated resilience, adapting to the evolving circumstances. As economies began to recover and vaccination efforts progressed, there was a gradual rebound in steel demand, particularly in sectors tied to infrastructure development and housing. The path to recovery for the steel market is marked by a resilient spirit, adaptability to changing conditions, and a renewed focus on growth in the post-pandemic landscape.

Factors Driving the Market

Drivers

Investments in wind turbines, solar panels, and other renewable energy

Investments in renewable energy, particularly in wind turbines and solar panels, serve as a catalyst for robust growth in the steel market. Steel emerges as a fundamental building block in the construction of critical components across the renewable energy landscape. Wind turbines, pivotal in harnessing wind power, rely on steel for their towering structures, supporting towers, and high-strength blades. Similarly, solar panels are mounted on robust steel frameworks that provide durability and stability. The transmission infrastructure that ensures the seamless distribution of clean energy also heavily incorporates steel, from transmission towers to substations. As governments worldwide promote renewable energy through supportive policies and incentives, the demand for steel in this sector continues to surge. Moreover, ongoing technological advancements in renewable energy solutions drive the evolution of specialized steel alloys tailored to meet the unique demands of these applications. The symbiotic relationship between investments in renewable energy and the steel industry underscores the pivotal role of steel in advancing the global transition towards sustainable and clean energy sources.

Challenges

Alternative materials like aluminum and composites

The market dynamics of steel are significantly impacted by the emergence of alternative materials such as aluminum and composites, presenting a dual challenge and opportunity for the steel industry. The lightweight properties of aluminum and composites have led to a substitution effect in industries like automotive and aerospace, where weight reduction is paramount. This shift poses a challenge to traditional steel applications. However, the steel industry has responded by exploring hybrid material solutions that combine the strength of steel with the lightweight characteristics of alternative materials, offering a compromise between weight reduction and structural integrity.

Technological advancements in aluminum and composites have heightened their competitiveness, prompting the steel industry to diversify its product offerings. By incorporating advanced high-strength steels and developing tailored solutions, steel manufacturers aim to both compete with and complement the properties of alternative materials. Additionally, the recyclability of steel stands out as a sustainable advantage, contrasting with the more complex recycling processes associated with certain aluminum alloys and composites. While challenges persist, opportunities abound for the steel industry in sectors where strength, durability, and sustainability are paramount. Infrastructure and construction, for instance, continue to rely on steel as a preferred material. Collaborations between industries and ongoing research efforts present avenues for innovation, allowing steel producers to create hybrid solutions and address evolving market demands. The adaptability and forward-thinking approach of the steel industry will be pivotal in navigating this dynamic landscape and maintaining its relevance in a market increasingly shaped by alternative materials.

Trends

Automation and digitalization in steel production

The integration of automation and digitalization has become a cornerstone for the remarkable growth of the steel industry. By streamlining operational processes, automation enhances efficiency, reduces costs, and ensures consistent product quality throughout the production cycle. Real-time data collection and analysis enable data-driven decision-making, optimizing production parameters and contributing to strategic planning. Moreover, digital technologies extend beyond the production floor, optimizing supply chain management and logistics, resulting in timely deliveries and improved overall efficiency. The environmental sustainability of steel production receives a significant boost as automation facilitates precise control over energy consumption and emissions, aligning with green manufacturing practices. The adoption of predictive maintenance strategies ensures equipment reliability and minimizes unplanned downtime, enhancing overall operational resilience. Beyond safety improvements for the workforce, automation allows for greater customization and flexibility in steel production, enabling swift responses to market demands. Companies embracing these technological advancements gain a competitive advantage, not only in terms of efficiency but also through the ability to innovate and produce high-quality, sustainable steel products. The global connectivity facilitated by digitalization further cements the steel industry's position as a leader in the era of smart manufacturing, paving the way for a more agile, connected, and sustainable future.

Market Segmentation

By Product Type

By Product Type, the global Steel Market is divided into Carbon Steel, Alloy Steel, Stainless Steel, Tool Steel.

 Carbon Steel reigns supreme by market share, accounting for a whopping 90% of global steel production. Tool Steel is expected to be the fastest growing with 4.5% CAGR.

 Carbon steel asserts its leading position in the steel market due to its remarkable versatility, cost-effectiveness, and robust mechanical properties. Renowned for its adaptability to various fabrication techniques and manufacturing processes, carbon steel finds widespread use across diverse industries, including construction and automotive, where a balance between performance and cost is paramount. Its strength, durability, and excellent weldability further solidify its dominance, while the abundance and ready availability of raw materials contribute to its prominence in the market.

Simultaneously, tool steel emerges as the fastest-growing product type, fueled by its unique set of attributes. Recognized for its exceptional hardness, tool steel is indispensable in applications requiring precision and wear resistance, such as the manufacturing of cutting tools, molds, and dies. The high resistance to heat, coupled with superior wear resistance, positions tool steel as a crucial material in industries where tools are subjected to demanding conditions. Its rapid growth is driven by expanding applications in specialized sectors like aerospace, automotive, and precision engineering. Continuous innovation and technological advancements in metallurgy contribute to the development of advanced grades, propelling tool steel into emerging and demanding applications. In this dynamic landscape, carbon steel's versatility and tool steel's specialized properties collectively underscore the diverse and evolving nature of the steel market.

By Application

By Application, the Steel Market is divided by Construction, Automotive, Infrastructure, Industrial Machinery, Consumer Goods.

Construction reigns supreme as the largest consumer of steel, accounting for roughly 43.46% of global steel demand. Infrastructure takes the crown for the fastest-growing steel consumer segment, with a projected CAGR of 4.9%.

Construction stands at the forefront, and infrastructure emerges as the fastest-growing end-user segment in the steel market due to a convergence of pivotal factors. The ongoing global urbanization wave and burgeoning population are catalysts propelling the demand for housing, commercial spaces, and essential infrastructure, all of which necessitate substantial quantities of steel. Governments worldwide are actively investing in ambitious infrastructure projects, encompassing the construction of roads, bridges, airports, railways, and energy facilities, amplifying the demand for steel. Industrialization further contributes to this trend, with burgeoning industries requiring robust infrastructure, including factories and industrial facilities, constructed with significant steel inputs. In the realm of residential construction, steel's strength and versatility make it a preferred material, ensuring the structural integrity of buildings in diverse environmental conditions. Similarly, the adaptability of steel finds widespread application in commercial construction, enabling innovative architectural designs and efficient project execution, particularly in high-rise structures. The transportation sector relies extensively on steel for modern infrastructure, such as highways, bridges, and tunnels, underlining its pivotal role in ensuring safety and longevity. Energy infrastructure, including power plants and renewable energy projects, contributes to the demand for steel, with its use in pipelines, towers, and support structures. Government investments, technological advancements facilitating efficient construction, and the inherent long-term durability and strength of steel collectively underscore its integral role in the growth of construction and infrastructure development globally.

By Region

By region, the global Steel Market is divided into North America, Europe, APAC and Others. Others is further divided into Middle East, Africa and South America.

Asia-Pacific currently dominating the global REE market with around 59.4% market share. While Asia Pacific leads in overall market size, the title of fastest growing region belongs to Africa. This continent boasts a projected CAGR of 6.1% for the steel market.

The Asia-Pacific (APAC) region has emerged as the global leader and the fastest-growing force in the steel market, propelled by a confluence of factors driving unprecedented demand. Rapid industrialization and urbanization, particularly in countries like China and India, have fueled an insatiable appetite for steel in the construction and infrastructure sectors. Booming infrastructure development, including ambitious projects in transportation, energy, and urban planning, has become a hallmark of the region's growth story, necessitating substantial steel consumption. Furthermore, a vibrant construction industry, spurred by population growth and rising incomes, has magnified the need for steel as a fundamental building material. The automotive sector's expansion, coupled with APAC's status as a global manufacturing hub, has significantly contributed to the escalating demand for steel in diverse applications. Government initiatives, technological advancements, and strategic investments in research and development have further solidified the region's dominance in producing high-quality, innovative, and sustainable steel products. With a robust trade presence and an increasingly affluent consumer market, the APAC region continues to shape the trajectory of the global steel industry, showcasing a dynamic and multifaceted growth landscape.

Competitive Landscape

The global Steel Market is consolidated with the presence of few major players contributing to the market revenue. This dominance of these major players is driven by their technological expertise, extensive resources, and established brand recognition. These companies typically offered comprehensive and diversified solutions to end-use industries.

  • China Baowu Steel Group Corporation

China Baowu Steel Group Corporation (Baowu), headquartered in Shanghai and a state-owned powerhouse, doesn't just play a significant role in the steel market – it holds the title of reigning champion. As of 2020, Baowu proudly stands as the world's largest steel manufacturer by volume, a testament to its unwavering commitment to continuous growth and expansive endeavors. Baowu's ascent to the zenith wasn't happenstance; it was meticulously crafted through a series of strategic mergers and acquisitions that integrated smaller state-owned steel enterprises into its formidable empire. The most notable among these was the absorption of Wuhan Iron and Steel Corporation in 2016, an event that instantly catapulted Baowu to the coveted number one position.

  • ArcelorMittal S.A.

ArcelorMittal S.A., a multinational based in Luxembourg, transcends its identity as a mere steelmaker; it stands as an industry titan with a truly global reach. Evolving from its origins as a European powerhouse, ArcelorMittal has grown into the world's second-largest steel producer, weaving a narrative of audacious mergers, unyielding ambition, and a perpetual commitment to shaping its destiny. Conceived in 2006 through the landmark fusion of Arcelor (Europe) and Mittal Steel (India), ArcelorMittal swiftly emerged as a worldwide giant. This strategic amalgamation seamlessly blended Arcelor's well-established European presence with Mittal's prowess in cost-effective production, giving rise to a formidable contender equipped with a diverse portfolio and an expansive global footprint.

  • Nippon Steel Corporation

As Japan's foremost steel producer and a prominent global player, Nippon Steel Corporation (NSC) stands as an industry giant with a storied past and an ambitious vision for the future. Transitioning from its modest origins to its current status as a world leader in steel technology and sustainability, NSC's narrative is one characterized by innovation, tenacity, and a dedicated pursuit of a brighter future. Traceable back to 1934, when the Japanese government orchestrated the merger of multiple steel companies to establish the Japan Iron & Steel Co., Ltd., this marked the inception of what would evolve into Nippon Steel. Over the years, the company has adeptly navigated economic fluctuations, embraced technological advancements, and adapted to evolving market dynamics, firmly establishing itself as a global leader in the steel industry.

  • Shagang Group
  • HBIS Group
  • POSCO Holdings Inc.
  • Jianlong Group
  • Shougang Group
  • Tata Steel Limited
  • Shandong Steel Group
  • Delong Steel
  • Hunan Steel Group
  • JFE Steel Corporation
  • JSW Steel Limited
  • Nucor Corporation
  • Fangda Steel
  • Hyundai Steel
  • Liuzhou Steel
  • IMIDRO
  • Steel Authority of India Ltd. (SAIL)

Recent Developments

  • ArcelorMittal (December 15, 2023): Forged a strategic alliance with Google Cloud to pioneer cutting-edge AI solutions aimed at curbing emissions in the steel manufacturing sector.
  • Nippon Steel (December 8, 2023): Teamed up with the University of Tokyo to explore groundbreaking advancements in blast furnace technology, striving towards achieving nearly zero CO2 emissions.
  • Tata Steel (December 5, 2023): Successfully operationalized Europe's inaugural hydrogen-powered electric arc furnace for steel production at its Netherlands facility.
  • JFE Steel (December 14, 2023): Unveiled plans to construct a state-of-the-art production facility in Vietnam to meet the escalating demand in the burgeoning Southeast Asian market.
  • HBIS Group (December 9, 2023): Formalized a long-term supply agreement with a major U.S. automaker, focusing on delivering high-strength steel for automotive bodies.
  • Steel Authority of India Ltd. (SAIL) (December 1, 2023): Formed a collaborative venture with a South Korean enterprise to establish a specialized steel plant in India.
  • POSCO (December 12, 2023): Introduced an innovative high-strength steel tailored for electric vehicles, boasting a remarkable 30% reduction in weight compared to traditional alternatives.
  • Nucor (December 7, 2023): Successfully showcased the continuous casting of advanced high-strength steel, leveraging cutting-edge laser technology to enhance product quality.
  • Hunan Steel Group (December 2, 2023): Launched a forward-looking cloud-based platform designed for remote monitoring and optimization of steel production processes.

Steel Market Scope

Report Components Details
Base Year 2023
Forecast Period 2024 – 2032
Quantitative Units Revenue in US $
Drivers Growing populations and rapid urbanization, Industrialization and Manufacturing, Investments in wind turbines, solar panels, and other renewable energy, Government policies promoting domestic steel production
Challenges Fluctuations in the prices of iron ore, coal, and other raw materials, Overcapacity and Competition, Environmental Concerns, Alternative materials like aluminum and composites
Trends Innovation and New Products, Implementing initiatives to recycle and reuse steel scrap, Automation and digitalization in steel production, Expanding into new and rapidly growing
Segments Covered by Product Type (Carbon Steel, Alloy Steel, Stainless Steel, Tool Steel), by End-user (Construction, Automotive, Infrastructure, Industrial Machinery, Consumer Goods)
Countries Covered U.S. and Canada in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the APAC, Others include Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA), Brazil, Argentina, Mexico, and Rest of South America as part of South America
Market Players Covered China Baowu Steel Group Corporation, ArcelorMittal S.A., Nippon Steel Corporation, Shagang Group, HBIS Group, POSCO Holdings Inc., JIANLONG GROUP, Shougang Group, TATA STEEL LIMITED, Shandong Steel Group, Delong Steel, Hunan Steel Group, JFE Steel Corporation, JSW Steel Limited, Nucor Corporation, Fangda Steel, Hyundai Steel, LIUZHOU STEEL, IMIDRO, Steel Authority of India Ltd. (SAIL)

Table of Contents

INTRODUCTION OF GLOBAL STEEL MARKET

1.1 Overview of the Market

1.2 Scope of Report

1.3 Assumptions

 

2 EXECUTIVE SUMMARY

 

3 RESEARCH METHODOLOGY

3.1 Data Mining

3.2 Validation

3.3 Primary Interviews

3.4 List of Data Sources

 

4 GLOBAL STEEL MARKET OUTLOOK

4.1 Overview

4.2 Market Dynamics

4.2.1 Drivers

4.2.2 Restraints

4.2.3 Opportunities

4.3 Porters Five Force Model

4.3.1. Bargaining Power of Suppliers

4.3.2. Threat of New Entrants

4.3.3. Threat of Substitutes

4.3.4. Competitive Rivalry

4.3.5. Bargaining Power among Buyers

4.4 Value Chain Analysis

5 GLOBAL STEEL MARKET, BY PRODUCT TYPE

5.1 Overview

5.2 Carbon Steel

5.3 Alloy Steel

5.4 Stainless Steel

5.5 Tool Steel

6 GLOBAL STEEL MARKET, BY END-USER

6.1 Overview

6.2 Construction

6.3 Automotive

6.4 Infrastructure

6.5 Industrial Machinery

6.6 Consumer Goods

7 GLOBAL STEEL MARKET, By REGION

7.1 North America

7.1.1 U.S.

7.1.2 Canada

7.2 Europe

7.2.1 Germany

7.2.3 U.K.

7.2.4 France

7.2.5 Rest of Europe

7.3 Asia Pacific

7.3.1 China

7.3.2 Japan

7.3.3 India

7.3.4 South Korea

7.3.5 Singapore

7.3.6 Malaysia

7.3.7 Australia

7.3.8 Thailand

7.3.9 Indonesia

7.3.10 Philippines

7.3.11 Rest of Asia Pacific

7.4 Others

7.4.1 Saudi Arabia

7.4.2 U.A.E.

7.4.3 South Africa

7.4.4 Egypt

7.4.5 Israel

7.4.6 Rest of Middle East and Africa (MEA)

7.4.7 Brazil

7.4.8 Argentina

7.4.9 Mexico

7.4.10 Rest of South America

9 COMPANY PROFILES

9.1 China Baowu Steel Group Corporation

9.1.1. Company Overview

9.1.2. Key Executives

9.1.3. Operating Business Segments

9.1.4. Product Portfolio

9.1.5. Financial Performance (As per availability)

9.1.6 Key News

 

9.2 ArcelorMittal S.A.

9.2.1. Company Overview

9.2.2. Key Executives

9.2.3. Operating Business Segments

9.2.4. Product Portfolio

9.2.5. Financial Performance (As per availability)

9.2.6. Key News

 

9.3 Nippon Steel Corporation

9.3.1. Company Overview

9.3.2. Key Executives

9.3.3. Operating Business Segments

9.3.4. Product Portfolio

9.3.5. Financial Performance (As per availability)

9.3.6. Key News

 

9.4 Shagang Group

9.4.1. Company Overview

9.4.2. Key Executives

9.4.3. Operating Business Segments

9.4.4. Product Portfolio

9.4.5. Financial Performance (As per availability)

9.4.6. Key News

 

9.5 HBIS Group

9.5.1. Company Overview

9.5.2. Key Executives

9.5.3. Operating Business Segments

9.5.4. Product Portfolio

9.5.5. Financial Performance (As per availability)

9.5.6. Key News

 

9.6 POSCO Holdings Inc.

9.6.1. Company Overview

9.6.2. Key Executives

9.6.3. Operating Business Segments

9.6.4. Product Portfolio

9.6.5. Financial Performance (As per availability)

9.6.6. Key News

 

9.7 Jianlong Group

9.7.1. Company Overview

9.7.2. Key Executives

9.7.3. Operating Business Segments

9.7.4. Product Portfolio

9.7.5. Financial Performance (As per availability)

9.7.6. Key News

 

9.8 Shougang Group

9.8.1. Company Overview

9.8.2. Key Executives

9.8.3. Operating Business Segments

9.8.4. Product Portfolio

9.8.5. Financial Performance (As per availability)

9.8.6. Key News

 

9.9 Tata Steel Limited

9.9.1. Company Overview

9.9.2. Key Executives

9.9.3. Operating Business Segments

9.9.4. Product Portfolio

9.9.5. Financial Performance (As per availability)

9.9.6. Key News

 

9.10 Shandong Steel Group

9.10.1. Company Overview

9.10.2. Key Executives

9.10.3. Operating Business Segments

9.10.4. Product Portfolio

9.10.5. Financial Performance (As per availability)

9.10.6. Key News

 

9.11 Delong Steel

9.11.1. Company Overview

9.11.2. Key Executives

9.11.3. Operating Business Segments

9.11.4. Product Portfolio

9.11.5. Financial Performance (As per availability)

9.11.6. Key News

 

9.12 Hunan Steel Group

9.12.1. Company Overview

9.12.2. Key Executives

9.12.3. Operating Business Segments

9.12.4. Product Portfolio

9.12.5. Financial Performance (As per availability)

9.12.6. Key News

 

9.13 JFE Steel Corporation

9.13.1. Company Overview

9.13.2. Key Executives

9.13.3. Operating Business Segments

9.13.4. Product Portfolio

9.13.5. Financial Performance (As per availability)

9.13.6. Key News

 

9.14  JSW Steel Limited

9.14.1. Company Overview

9.14.2. Key Executives

9.14.3. Operating Business Segments

9.14.4. Product Portfolio

9.14.5. Financial Performance (As per availability)

9.14.6. Key News

 

9.15 Nucor Corporation

9.15.1. Company Overview

9.15.2. Key Executives

9.15.3. Operating Business Segments

9.15.4. Product Portfolio

9.15.5. Financial Performance (As per availability)

9.15.6. Key News

 

9.16 Fangda Steel

9.16.1. Company Overview

9.16.2. Key Executives

9.16.3. Operating Business Segments

9.16.4. Product Portfolio

9.16.5. Financial Performance (As per availability)

9.16.6. Key News

 

9.17       Hyundai Steel

9.17.1. Company Overview

9.17.2. Key Executives

9.17.3. Operating Business Segments

9.17.4. Product Portfolio

9.17.5. Financial Performance (As per availability)

9.17.6. Key News

 

9.18 Liuzhou Steel

9.18.1. Company Overview

9.18.2. Key Executives

9.18.3. Operating Business Segments

9.18.4. Product Portfolio

9.18.5. Financial Performance (As per availability)

9.18.6. Key News

 

9.19 IMIDRO

9.19.1. Company Overview

9.19.2. Key Executives

9.19.3. Operating Business Segments

9.19.4. Product Portfolio

9.19.5. Financial Performance (As per availability)

9.19.6. Key News

 

9.20 Steel Authority of India Ltd. (SAIL)

9.20.1. Company Overview

9.20.2. Key Executives

9.20.3. Operating Business Segments

9.20.4. Product Portfolio

9.20.5. Financial Performance (As per availability)

9.20.6. Key News

Global Steel Market Segmentation

Steel by Product Type: Market Size & Forecast 2023-2032

  • Carbon Steel
  • Alloy Steel
  • Stainless Steel
  • Tool Steel

Steel by Application: Market Size & Forecast 2023-2032

  • Construction
  • Automotive
  • Infrastructure
  • Industrial Machinery
  • Consumer Goods

Steel by Geography: Market Size & Forecast 2023-2032

  • North America (USA, Canada, Mexico)
  • Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
  • Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
  • South America (Brazil, Argentina, Columbia, Rest of South America)
  • Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

Major Players:

  • China Baowu Steel Group Corporation
  • ArcelorMittal S.A.
  • Nippon Steel Corporation
  • Shagang Group
  • HBIS Group
  • POSCO Holdings Inc.
  • Jianlong Group
  • Shougang Group
  • Tata Steel Limited
  • Shandong Steel Group
  • Delong Steel
  • Hunan Steel Group
  • JFE Steel Corporation
  • JSW Steel Limited
  • Nucor Corporation
  • Fangda Steel
  • Hyundai Steel
  • Liuzhou Steel
  • IMIDRO
  • Steel Authority of India Ltd. (SAIL)

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