Global steel production in March increased by 1.7% y/y

Global steel production in March 2023 increased by 1.7% compared to the same month of 2022 – up to 165.1 million tons. This is evidenced by the global rating of 64 steel-producing countries World Steel Association.

Compared to the previous month, global steel output increased by 15.9%. Total steel production in the CIS countries and Ukraine in March 2023 increased by 3% y/y and by 18.7% m/m – up to 7.6 million tons.

The top ten steel-producing countries in March 2023, according to World Steel, included:

• China – 95.7 million tons (+6.9% compared to March 2022);
• India – 11.4 million tons (+2.7%);
• Japan – 7.5 million tons (-5.9%);
• USA – 6.7 million tons (-2.1%);
• Russia – 6.6 million tons (+0.4%);
• South Korea – 5.8 million tons (+1.9%);
• Germany – 3.3 million tons (-0.5%);
• Brazil – 2.7 million tons (-8.7%);
• Turkiye – 2.7 million tons (-18.6%);
• Italy – 2.2 million tons (+2.7%).

In January-March 2023, world steel production decreased by 0.1% compared to the same period in 2022 – to 459.3 million tons. During this period, the CIS countries and Ukraine reduced the total steel production by 11.8% y/y – to 21.4 million tons.

As GMK Center reported earlier, in 2022 world steel production decreased by 4.3% compared to 2021 – to 1.831 billion tons. The CIS countries and Ukraine for 2022 reduced the total production of steel by 20.2% y/y – to 85.2 million tons.

Ukraine in 2022 reduced production of steel by 70.7% compared to 2021 – to 6.3 million tons. Thus, due to the war, the country fell to the 25th place in the ranking of world steel producers according to WorldSteel.