Global steel production increased by 1.5% y/y in May

Global steel production in May 2024 increased by 1.5% compared to the same month in 2023 to 165.1 million tons. The figure increased by 6.4% compared to April. 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 2.8% over the month compared to May 2023 and by 4% m/m – to 7.7 million tons, including 26.5% y/y and 3.2% m/m in Ukraine, to 738 thousand tons.

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

• China – 92.9 million tons (+2.7% y/y);
• India – 12.2 million tons (+3.5%);
• Japan – 7.2 million tons (-6.3%);
• USA – 6.9 million tons (-1.5%);
• Russian Federation – 6.3 million tons (-0.9%);
• South Korea – 5.2 million tons (-10.9%);
• Iran – 3.3 million tons (+2.1%);
• Germany – 3.2 million tons (-1.9%);
• Turkey – 3.2 million tons (+11.6%);
• Brazil – 2.6 million tons (-7.4%).

In January-May 2024, global steel production decreased by 0.1% compared to the same period in 2023 – to 793.2 million tons. In the CIS+Ukraine region, the indicator increased by 0.1% y/y – up to 36.7 million tons. In particular, Ukraine increased steel production by 31.2% y/y in 5 months – up to 3.14 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% 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.