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The article presents the analysis of the current situation and observed trends in the global and Russian iron and steel industry. Based on those, several conclusions are made, specifically, that currently the growth in consumption of steel in the world is declining, but there is considerable overproduction of it. Based on the described findings the author describes the long-term prognosis of possible scenarios of development of the Russian steel industry, which is the basis of recommendations to improve the sector’s development strategy in the Russian Federation until 2030. In particular, it is proposed to prepare a transformation scenario, which is a feature of the management of sustainable development of ferrous metallurgy in the conditions of a possible reduction in demand for products, not only in the foreign, but also domestic markets. To do this, it is recommended to include indicators characterizing the economic, social and environmental performance activities into the government policy documents, governing the development of the steel industry. Also, it is recommended to consider the effectiveness of an integrated strategic and its derivatives as the most important innovation of system performance management tool for the activity of Russian metallurgical enterprises and groups.