Global steel production fell by 0.9% y/y in 2024

Global steel production in 2024 decreased by 0.9% compared to 2023 – to 1.839 billion tons. This is evidenced by the global ranking of steel-producing countries (71) by the World Steel Association.

Total steel production in the CIS+Ukraine fell by 4.2% y/y – to 84.8 million tons over the year, while in Ukraine it increased by 21.6% y/y – to 7.57 million tons.

The top ten steel-producing countries in 2024, according to World Steel, were:

• China – 1.005 billion tons (-1.7% y/y);
• India – 149.6 million tons (+6.3%);
• Japan – 84 million tons (-3.4%);
• USA – 79.5 million tons (-2.4%);
• Russia – 70.7 million tons (-7%);
• South Korea – 63.5 million tons (-4.7%);
• Germany – 37.2 million tons (+5.2%);
• Turkey – 36.9 million tons (+9.4%);
• Brazil – 33.7 million tons (+5.3%);
• Iran – 31 million tons (+0.8%).

In December 2024, global steel production amounted to 144.5 million tons, up 5.6% compared to December 2023 and down 1.6% compared to the previous month. In the CIS+Ukraine, production fell by 6.8% y/y and increased by 4.6% m/m to 6.8 million tons. Ukraine produced 547 thousand tons of steel over the month (+5.1% y/y; +1.1% m/m).

As GMK Center reported earlier, in 2023, global steel production decreased by 0.1% compared to 2022 – to 1.85 billion tons. Total steel production in the CIS+Ukraine increased by 4.5% year-on-year – to 88.1 million tons in 2022.

Ukraine produced 6.2 million tons of steel in 2023, down 0.6% y/y. The country was thus ranked 24th in the global steel production ranking, up from 25th in 2022.