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In January-October, the country's steelmakers reduced steel production by 6.5% y/y

Austrian steel enterprises increased steel production by 12.3% in October 2023 compared to the previous month – up to 577 thousand tons. This is evidenced by data from the World Steel Association.

Compared to October 2022, Austrian steelmakers reduced steel production by 3% in October this year.

In January-October, Austria produced 5.97 million tons of steel, down 6.5% compared to the same period in 2022.

In January-October, the average monthly steel production in Austria amounted to 596.8 thousand tons, while in the same period of 2022 the figure was 638.5 thousand tons (-6.53% y/y).

The slight increase in steel production compared to September is likely due to seasonal factors and improved demand for steel in the fall. However, the figure is still lower than in the same period of 2022 amid high production costs and the flooding of the EU market with cheap imported products.

Austria has 5 steel mills, including two blast furnace (BF & BOF) mills in Donavik (annual capacity of 1.37 million tons of steel) and Linz (4.34 million tons per year), and three electric arc furnaces (EAF) in Graz (365 thousand tons per year), Kapfenberg (180 thousand tons per year), and Metterdorf (300 thousand tons per year).

In 2022, Austrian steelmakers reduced steel production by 4.7% compared to 2021 – to 7.51 million tons. In December 2022, 560,000 tons of steel were produced, which is 13.8% less y/y. and by 0.5% more m/m.

In general, steel production in the countries of the European Union in October 2023 fell by 7.1% compared to October last year – to 10.6 million tons. In January-October 2023, 106.8 million tons of steel were produced in the EU, which is 8.8% less y/y.

As GMK Center reported earlier, in 2022 European steelmakers reduced steel production by 10.5% compared to 2021 – to 136.7 million tons. In general, global steel output last year fell by 4.3% y/y – to 1.831 billion tons.