USA reduced steel imports by 8.7% y/y in 2023

In 2023, US steelmakers reduced steel imports (rolled and semi-finished products) by 8.7% compared to 2022, to 28.15 million tons. This is according to the American Iron and Steel Institute (AISI).

Imports of rolled steel products last year decreased by 14.1% compared to 2022, to 21.69 million tons. Galvanized steel accounted for the largest volume of imports – 2.21 million tons (-21.2% y/y). Finished products accounted for 77% of total imports for the year.

In December 2023, steel imports to the United States increased by 2.6% compared to the previous month – to 2.08 million tons. Imports of rolled products increased by 7.7% m/m – to 1.61 million tons.

Canada, Mexico and Brazil were the main sources of steel imports to the United States last year, accounting for 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.

In 2022, the United States reduced steel imports by 2% compared to 2021, to 31.46 million tons. In 2022, imports of rolled products to the United States decreased by 10.9% year-on-year – to 22.76 million tons.

As GMK Center reported earlier, in 2023, the United States increased steel production by 0.2% compared to 2022, to 80.7 million tons. In total, global steel production amounted to 1.85 billion tons for the month, down 0.1% y/y. Thus, the United States is among the ten largest steel producing countries in the world according to World Steel.