The World Steel Association has unveiled its latest report on global steel production, revealing a minor decrease in output for early 2024. From January to July, the world's steel production totaled 1.107 billion tons, reflecting a modest reduction of 0.7% compared to the same period in the previous year.
In July alone, global production fell to 152.8 million tons, marking a 4.7% drop from the previous July. This downturn highlights ongoing challenges in the industry amid fluctuating demand and production issues.
Iran, despite an overall increase in its steel output for the first seven months of 2024 reaching 18.4 million tons, a 2.9% rise from the previous year—faced a significant setback in July. Iranian steelmakers reported a sharp 18.7% decrease in production during this month, with output falling to 1.8 million tons. This decline is largely attributed to power shortages exacerbated by the intense summer heat.
The July production slump affected Iran’s global ranking, causing it to slip from its recent position as the 9th largest steel producer, falling behind Brazil, which maintained its 9th place spot. Both Brazil, Turkey, and Germany produced 3.1 million tons of steel each during this period, reinforcing their strong positions in the global market.
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