Global crude steel production fell 5.1% to 161.6 million tons last month, compared to the same period of the previous year.
World Steel Association (Worldsteel), headquartered in Brussels, announced the crude steel production data for May.
Accordingly, global crude steel production fell by 5.1% to 161.6 million tons last month, compared to the same period of 2022.
It was estimated that the production of China, the world’s largest steel producer, decreased by 7.3% to 90.1 million tons in the said period.
Japan’s production fell 5.2% to 7.6 million tons, and the US’s production fell 2.3% to 6.9 million tons.
Germany’s production rose by 0.2% to 3.1 million tons.
Turkiye’s crude steel production decreased by 10.4% in May compared to the same period of the previous year and decreased to 2.9 million tons.
In the said period, steel production is estimated to have increased by 8.8% to 6.8 million tons in Russia, and to 3.3 million tons with an increase of 8.8% in Iran.
Global crude steel production decreased by 1.2% to 786 million tons in January-May 2023 compared to the same period last year.
The World Steel Association expects global steel demand to increase by 1.7% in 2024, following the projected 2.3% increase in consumption this year due to the recovery in manufacturing activities.
Source: Trthaber / Prepared by Irem Yildiz