US increased imports of rolled steel products by 3.7% y/y in 2024

In 2024, US steelmakers increased imports of rolled steel by 3.7% compared to 2023, to 22.5 million tons. This is evidenced by data from the American Iron and Steel Institute (AISI).

Total steel imports (rolled products and semi-finished products) increased by 2.5% y/y – to 28.86 million tons over the year. Galvanized steel accounted for the largest volume of imports – 2.99 million tons (+35.5% y/y), hot-rolled flat products – 2.09 million tons (+0.3% y/y), and cold-rolled flat products – 1.95 million tons (+25.9% y/y). The volume of finished products in total imports amounted to 77.9%.

At the end of December 2024, steel imports to the United States amounted to 2.12 million tons, up 2.7% month-on-month. Deliveries of rolled steel products increased by 14.3% m/m – to 1.82 million tons over the month. Hot-rolled flat products accounted for the largest volume of imports during the period, amounting to 223.09 thousand tons (+67.3% m/m).

The main sources of steel imports to the US in 2024 are Canada, Brazil and Mexico – 6.56 million tons, 4.49 million tons and 3.52 million tons, respectively.

As GMK Center reported earlier, in 2023, the US reduced steel imports by 8.7% compared to 2022, to 28.15 million tons. Imports of rolled steel products in the period decreased by 14.1% compared to 2022 to 21.69 million tons. The main sources of steel imports to the United States in 2023 are Canada, Mexico and Brazil – 6.88 million tons, 4.18 million tons and 3.94 million tons, respectively.

The decline in U.S. steel imports in 2023 was driven by a combination of high import tariffs, increased domestic production, lower demand for steel due to economic difficulties, and geopolitical factors, including sanctions against some exporting countries.

Steel production in the United States in 2024 fell by 2.4% compared to 2023 – to 79.5 million tons. Overall, global steel production for the year amounted to 1.84 billion tons, down 0.9% y/y. Thus, the United States is among the ten largest steel producing countries in the world according to World Steel.