The significance of ferrous metals in various sectors of the economy is considered, the relationship between the use of steel and cast iron and the growth of the global economy are shown in this work. It is determined that the main causes of crisis phenomena in the metallurgical industry are associated with geo-economic uncertainty and geopolitical restrictions. The importance of modern trends in the development of technologies, regulatory requirements and digitalization for metallurgy is shown. The purpose of this research is to highlight the main trends in the modern development of the global ferrous metallurgy market and the prospects for the presence of the Russian participants in it. The authors analyze the possibility of further development of the metallurgical industry. The structure-forming role of the Russian metallurgy in the national economy is highlighted. The role of the largest metallurgical companies of the Russian Federation, in particular PJSC Novolipetsk Iron and Steel Works (NLISW), is shown.