Global steel production in January decreased by 1.6% y/y

Steel production in the 71st country for the month amounted to 148.1 million tons

Global steel production in January 2024 decreased by 1.6% compared to the same month in 2023 – to 148.1 million tons. The figure increased by 9.1% compared to December 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 increased by 4% over the year compared to January 2023 – to 7.2 million tons. The top ten steel-producing countries, according to World Steel, are:

• China – 77.2 million tons (-6.9% y/y);
• Bharat – 12.5 million tons (+7.3%);
• Japan – 7.3 million tons (+0.6%);
• USA – 6.8 million tons (-0.3%);
• Russian Federation – 6.2 million tons (+1.2%);
• South Korea – 5.7 million tons (+1.5%);
• Turkiye – 3.2 million tons (+24.7%);
• Germany – 2.9 million tons (-0.9%);
• Iran – 2.6 million tons (+39.3%).
• Brazil – 2.5 million tons (-7.2%).

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 countries + Ukraine for the year increased by 4.5% compared to 2022 – to 88.1 million tons.

In 2023, Ukraine produced 6.2 million tons of steel, which is 0.6% less y/y. The country thus ranked 24th in the global ranking of steel producers, rising from 25th in 2022.