Global steel production increased by 3.7% y/y in February

Global steel production in February 2024 increased by 3.7% compared to the same month in 2023 – to 148.8 million tons. The figure increased by 0.5% compared to January. This is evidenced by the global ranking of 71 steel-producing countries by the World Steel Association.

Total steel production in the CIS+Ukraine decreased by 2.5% over the month compared to February 2023 and 6.9% m/m – to 6.7 million tons, including Ukraine, which increased by 25.5% y/y and decreased by 2.2% m/m – to 532 thousand tons.

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

• China – 81.2 million tons (+3.5% y/y);
• India – 11.8 million tons (+11.4%);
• Japan – 7 million tons (+1.1%);
• USA – 6.5 million tons (-1.2%);
• Russia – 5.7 million tons (-4.4%);
• South Korea – 5.1 million tons (-1.5%);
• Türkiye – 3.1 million tons (+46.6%);
• Germany – 3.1 million tons (+4.4%);
• Brazil – 2.8 million tons (+13.1%).
• Iran – 2.2 million tons (+14.3%).

In January-February 2024, global steel production increased by 3% compared to the same period in 2023 – to 306.9 million tons. In the CIS+Ukraine region, the figure decreased by 0.7% y/y – to 13.7 million tons. In particular, Ukraine increased steel production by 52% y/y over 2 months to 1.08 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.