Global steel production increased by 5.3% m/m in October

Global steel production in October 2024 increased by 0.4% compared to the same month in 2023 to 151.2 million tons. The figure increased by 5.3% compared to September. This is evidenced by the global ranking of 71 steel-producing countries by World Steel Association.

Total steel production in the CIS+Ukraine fell by 12.2% over the month compared to October 2023 and by 1.5% m/m – to 6.7 million tons, including Ukraine, which increased by 0.1% y/y and decreased by 1% m/m – to 603.8 thousand tons.

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

• China – 81.9 million tons (+2.9% y/y);
• India – 12.5 million tons (+1.7%);
• Japan – 6.9 million tons (-7.8%);
• USA – 6.6 mln tons (-2%);
• Russia – 5.6 million tons (-15.2%);
• South Korea – 4.5 million tons (-18.3%);
• Germany – 3.2 million tons (+14.7%);
• Brazil – 3.1 million tons (+16.2%);
• Turkey – 3 million tons (+0.7%);
• Iran – 3 million tons (-1.9%).

In January-October of this year, global steel production decreased by 1.6% compared to the same period in 2023 to 1.55 billion tons. In the CIS+Ukraine region, the figure fell by 3.8% y/y – to 71.4 million tons. In particular, Ukraine increased steel production by 25.7% y/y over 10 months to 6.49 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.