During March 2024, the US steel industry produced 6.9 million tons of crude steel, keeping production levels unchanged from the same period a year earlier. This stabilization was notable at a time when global steel production fell by 4.3% to 161.2 million tons.
In the first quarter of 2024 (January-March), total US steel production was 19.9 million tons, down 1.6% from the same period last year. This marked a slight decrease in production in this quarter, although monthly production was stable.
Most of the global decrease was attributed to China, whose output dropped by 7.8% to 88.3 million tons.
Several countries, such as India and Türkiye, increased their production
India increased its production by 7.8% to 12.7 million tons, while Türkiye produced 3.2 million tons of crude steel, up by 18%.
Production decreased in some major steel producing countries such as Japan and South Korea. In Europe, there was also a general decrease, while some countries, such as Norway and the United Kingdom, saw an increase of 11%.
World Steel Association forecasts global steel demand to increase by 1.7% in 2024 and a further 1.2% in 2025.
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