Global steel production fell by 2.9% m/m in November

Global steel production in November 2024 fell by 2.9% compared to the previous month to 146.8 million tons. The figure increased by 0.8% compared to November 2023. This is evidenced by the global ranking of 71 steel-producing countries by the World Steel Association.

Total steel production in the CIS+Ukraine fell by 7.8% compared to November 2023 and by 3% m/m – to 6.5 million tons, including Ukraine, which fell by 1.2% y/y and 10.4% m/m – to 540.8 thousand tons.

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

• China – 78.4 million tons (+2.5% y/y);
• India – 12.4 million tons (+4.5%);
• Japan – 6.9 million tons (-3.1%);
• USA – 6.4 million tons (-2.8%);
• Russian Federation – 5.5 million tons (-9.2%);
• South Korea – 5.2 million tons (-3.6%);
• Iran – 3.1 million tons (+0.1%);
• Turkey – 3 million tons (+0.7%);
• Germany – 2.9 million tons (+8.6%);
• Brazil – 2.8 million tons (+1.9%).

In January-November of this year, global steel production decreased by 1.4% compared to the same period in 2023 to 1.69 billion tons. In the CIS+Ukraine region, the figure fell by 4.1% y/y – to 77.9 million tons. In particular, Ukraine increased steel production by 23.1% y/y over 11 months – to 7.03 million tons.

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% over the year compared to 2022 – to 88.1 million tons.

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.