According to the latest data from the World Steel Association (worldsteel), global crude steel production declined by 1.6% in January 2024 compared to the same period last year, reaching 148.1 million tonnes (Mt).
Significant decrease was observed in crude steel production in the Asia and Oceania region, dropping by 3.6% to 107.6 million tonnes. However, amidst this decline, South Korea's performance stood out with a notable increase of 1.5% compared to January of the previous year, reaching 5.7 million tonnes of crude steel production.
Despite global challenges affecting steel production, South Korea maintained its position in the ranking of global crude steel production for January, surpassing both Germany, with 2.9 million tonnes, and Turkey, with 3.2 million tonnes.
In January 2023, South Korea ranked 6th in crude steel production, recording a 9.8% decrease compared to 2022, with 5.5 million tonnes of crude steel production. Despite increasing its production this year, South Korea has once again settled in 6th place.
South Korea's consistent performance in steel production not only contributes to its own economic stability but also strengthens its role as a key player in the global steel market. As the country progresses within evolving industrial dynamics, it is likely that its strategic initiatives and investments will further enhance its competitiveness in the international steel arena.
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