In the new situation of COVID-19 pandemic and no big change in one hundred years in the world, the global steel industry is faced with sustained challenges from ecosystem, economy and resources. In order to find the way to sustainable development of the iron and steel industry in the future, on October 19th, the World Iron and Steel Development Research Institute initiated by University of Science and Technology Beijing and HBIS was established in Beijing and held the first session of council meeting.

The World Iron and Steel Development Research Institute focuses on "the relationship between the world's iron & steel industry and the global economy, the relationship between the iron & steel industry and sustainable development, as well as the relationship between the future of the industry and urban ecology", studies the universal laws of development of the iron & steel industry, and discusses problems the iron & steel industry would face in the future and the way of development, in order to build a "industry ecosystem that the iron & steel industry, human society and natural environment could coexist harmoniously".