Global steel production fell by 5.2% m/m in August

Global steel production in August 2024 fell by 6.5% compared to the same month in 2023 to 144.8 million tons. The figure fell by 5.2% compared to July. 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 8.7% over the month compared to August 2023 and by 6.7% m/m – to 7 million tons, including Ukraine, which increased by 14.7% y/y and decreased by 2.6% m/m – to 691 thousand tons.

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

• China – 77.9 million tons (-10.4% y/y);
• India – 12.3 million tons (+2.6%);
• Japan – 6.9 million tons (-3.9%);
• USA – 7 million tons (+0.7%);
• Russian Federation – 5.8 million tons (-11.5%);
• South Korea – 5.5 million tons (-2.2%);
• Turkey – 3.1 million tons (+13.8%);
• Brazil – 3 million tons (+7.3%);
• Germany – 2.9 million tons (+0.5%);
• Iran – 1.4 million tons (-9.9%).

In January-August this year, global steel production decreased by 1.5% compared to the same period in 2023 to 1.25 billion tons. In the CIS+Ukraine region, the figure fell by 1.8% y/y – to 58.1 million tons. In particular, Ukraine increased steel production by 30.8% y/y over 8 months to 5.27 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.