Production of pig iron for the month increased by 4.7% y/y, and rolled steel – by 6.2% y/y

German steelmakers increased steel production by 4.9% in January 2024 compared to January 2023, to 3.07 million tons. This was reported by the German steel association WV Stahl.

«High energy prices and low demand continue to weigh on crude steel production in Germany. Despite a slight increase in steel production, we cannot talk about a change in the trend. 2023 was the weakest year in terms of production since the financial crisis, and the figures are still very low,» comments Martin Theuringer, CEO of the Steel Economic Association.

In January, steel production in converters increased by 3.4% y/y – to 2.21 million tons, and in electric arc furnaces (EAFs) by 9% y/y – to 863 thousand tons. Pig iron production increased by 4.7% y/y – to 2.05 million tons. Germany’s rolled steel output amounted to 2.72 million tons, up 6.2% compared to January 2023.

As GMK Center reported earlier, Germany is among the ten largest steel producers in the world according to World Steel. In 2023, the country decreased steel production by 3.9% compared to 2022 to 35.4 million tons, ranking 8th in the global ranking of producing countries.

Steel production in converters decreased by 0.9% y/y – to 25.63 million tons, and in electric arc furnaces by 10.8% y/y – to 9.81 million tons. Pig iron production decreased by 0.9% y/y – to 23.63 million tons. Rolled steel output amounted to 30.64 million tons, down 3.6% y/y.