Global crude steel output rebounds with 1.5 percent annual surge last month
Date
6/23/2024 5:32:25 AM
(MENAFN) In May, global crude steel production rebounded with a 1.5 percent annual increase, marking a reversal from two consecutive months of decline, according to data released by the World Steel Association (worldsteel) on Friday. Steel output from the 71 countries that report to worldsteel reached 165.1 million tons, reaching its highest level since March 2023.
China, the largest global steel producer, recorded a 2.7 percent year-on-year growth, producing 92.9 million tons of crude steel in May. Conversely, India's steel production declined by 6.3 percent compared to the previous year, with output totaling 7.2 million tons during the same period.
In the United States, steel production decreased by 1.5 percent to 6.9 million tons, while Russia also experienced a slight decline of 0.9 percent, producing 6.3 million tons of crude steel in May.
Meanwhile, Türkiye, ranked as the world's eighth-largest producer of crude steel, demonstrated significant growth with an 11.6 percent surge in May, reaching a total production of 3.2 million tons.
Since the beginning of the year, cumulative steel production across the 71 reporting countries amounted to 793.2 million tons. This represents a slight decrease of 0.1 percent compared to the same period last year, reflecting the global steel industry's resilience amid fluctuating market conditions and regional economic dynamics. The latest figures underscore the ongoing challenges and opportunities within the steel sector as it navigates global demand shifts and supply chain pressures.
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