The research objective is to analyze directions for increasing the economic potential of the Russian metallurgical industry based on the study of advanced world experience in the context of digitalization of the global economy. The relevance of the study is determined by the need for companies in the Russian metallurgical industry to form and develop their own foreign economic strategy for the development of steel exports to world markets. Issues of further development of this market are considered in the works of domestic and foreign researchers. This contribution investigates modern issues of the development of the global ferrous metals market. Conclusions are made about the causes of crisis phenomena in the metallurgical industry under the influence of uncertainty and modern trends in the development of technologies, regulatory requirements, geopolitical restrictions and digitalization. Opportunities and ways to overcome crisis phenomena are considered in this work. The purpose of this work is to highlight the main trends in the modern development of the global ferrous metallurgy market in the context of digitalization of the world economy.