World crude steel production rose slightly in June 2024, highlighting continued strength in the industry.
According to the World Steel Association (worldsteel), global crude steel production reached 161.4 million tonnes (Mt) in June 2024, marking a 0.5% increase compared to the same month in 2023. This modest rise reflects a mixed performance across different regions, with some experiencing growth while others saw a decline.
Regional Performance:
Asia and Oceania led the way, with production reaching 120.6 Mt, a 0.3% increase year-on-year. This growth was driven by continued demand from key economies like China, India, and South Korea.
The European Union (EU27) also witnessed a positive trend, with production reaching 11.1 Mt, a 5.1% jump compared to June 2023. This growth is attributed to strong domestic demand and ongoing efforts to rebuild infrastructure following the pandemic.
Other European countries saw a 2.1% increase in production, reaching 3.8 Mt.
South America experienced a 4.1% increase in production, reaching 3.5 Mt. This growth is driven by continued investment in infrastructure projects and increased demand from neighbouring markets.
Africa experienced a 9.6% decline in production, reaching 1.6 Mt. This downturn is attributed to economic challenges and ongoing political instability in some key producing countries.
The Middle East saw a 2.7% decrease in production, reaching 4.6 Mt. This decline reflects a slowdown in infrastructure projects and a decrease in demand from key export markets.
North America experienced a 1.9% decrease in production, reaching 8.9 Mt. This decline is attributed to a slowdown in construction activity and a decrease in demand from key export markets.
Russia and other CIS countries plus Ukraine saw a 1.4% increase in production, reaching 7.4 Mt. This growth is attributed to increased demand from domestic markets and a focus on developing new export markets.
Top 10 Steel-Producing Countries:
China remains the world's largest steel producer, generating 91.6 Mt in June 2024, a 0.2% increase compared to the previous year. India, the second-largest producer, witnessed a 6.0% increase in production, reaching 12.3 Mt. Japan, the third-largest producer, experienced a 4.2% decrease in production, reaching 7.0 Mt.
Other notable performers include the United States (6.7 Mt, down 1.5%), Russia (6.0 Mt, down 4.1%), South Korea (5.1 Mt, down 7.2%), Germany (3.2 Mt, down 8.9%), Türkiye (3.1 Mt, up 4.3%), Iran (2.6 Mt, down 8.5%), and Brazil (2.9 Mt, up 11.8%).
Looking Ahead:
The global steel industry faces a complex landscape with a range of factors influencing future production levels. Ongoing global economic uncertainty, supply chain disruptions, and geopolitical tensions continue to pose challenges. However, the long-term outlook for steel remains positive, driven by increasing infrastructure development, urbanization, and demand from emerging markets.
About the World Steel Association (worldsteel):
The World Steel Association (worldsteel) is a global industry association with members in every major steel-producing country. It represents steel producers, national and regional steel industry associations, and steel research institutes. Members represent around 85% of global steel production.
worldsteel provides a range of services to its members, including market research, statistical data, policy advocacy, and technical support.
For more information on global steel production, please visit the worldsteel website.