The global steel industry has been going through major changes since 1970. China has emerged as a major producer and consumer, as has India to a lesser extent. Consolidation has been rapid in Europe. According to the 2019 International Energy Agency (IEA) report, the iron and steel industry directly contributed 2.6 Gt to global CO emissions and accounted for 7% of global energy demand. Singapore is the worlds main trading hub for iron, with about 90% of the worlds iron ore derivatives traded on their stock exchange.