Italy reduced its steel production in February

Compared to January 2023, Italian steelmakers increased their steel output by 22.2 percent in February.

In February 2023, the production of flat rolled products in the country decreased by 10.7% compared to the same month of February 2022 to 805 thousand tons. The production of rolled products amounted to 1.12 million tons, which is 7.1% less y-o-y.

In January-February 2023, Italy reduced its steel production by 10.8% compared to the same period of 2022, to 3,448 million tons.

In 2022, Italy's steel enterprises reduced steel production by 11.5% compared to the same period last year, to 21.6 million tons. In 2022, the production of rolled products in the country decreased by 12% annually to 12.03 million tons, flat rolled products decreased by 13.8% annually to 9.55 million tons.

In 2022, steel production in EU countries decreased by 10.5% annually to 136.7 million tons. Overall, the world's steel production decreased by 4.3% y-o-y to 1.83 billion tons. Over the past year, the situation in the European steel industry has been affected by factors such as high prices for energy resources, high volatility in prices and demand, and a decrease in steel exports from the EU.

At the same time, the situation in the sector is improving from the beginning of 2023. The demand for steel began to increase and energy prices stabilized. This caused manufacturers to increase product prices and start restoring suspended capacity. The indicators of the industry are still very different from last year, but the monthly dynamics of steel production are gradually increasing.