Italy cut steel production by 55% m/m in August

In August 2024, Italian steel enterprises reduced steel production by 54.7% compared to the previous month – to 764 thousand tons. Compared to the same month of 2023, the indicator fell by 2.7%. This was reported by Kallanish with reference to data from the Italian Federation of Steelworkers Federacciai.

The production of rolled products for the month increased by 11.2% compared to August 2023 and fell by 64.3% m/m – to 357,000 tons. The production of flat rolled products amounted to 415,000 tons, which is 12.4% less y/y and by 42% m/m.

In January-August 2024, Italian steelmakers reduced steel production by 5.2% compared to the same period in 2023 – to 13.3 million tons. The production of rolled products amounted to 7.8 million tons (+1.3% y/y), and flats – 5.7 million tons (-10.8% y/y).

In general, in January-August 2024, steel production in the countries of the European Union increased by 1.5% compared to January-August 2023 – up to 87.2 million tons. Global steel output for 8 months was 1.25 billion tons, which 1.5% less compared to the same period last year.

As GMK Center reported earlier, in 2023, Italian steel enterprises reduced steel production by 2.5% compared to 2022 – to 21.06 million tons. The decrease in steel production took place amid reduced global demand for steel products and the high cost of energy resources.

The production of rolled products for the year amounted to 11.68 million tons, which is 2.9% less compared to 2022, and of flat products – 9.54 million tons (-0.1% y/y)

In general, in 2023, 126.3 million tons of steel were produced in the European Union, which is 7.4% less y/y. In December, EU countries increased their steel output by 2.7% compared to December 2022 – up to 9.1 million tons.