Steel Industry Summary

Global steel production in 2023 remained virtually stable, with a marked decline in Europe and a sharp increase in India (+11,8%), according to statistics released by the International Steel Association.

In total, blast furnaces around the world melted about 1 888 billion tons of steel in 2023, equivalent to the 2022 figure, according to the Worldsteel Association, which collects monthly data from 71 major producing countries.

The annual steel production figures, which are leading indicators of macroeconomic recovery or slowdown, are based on statistics provided by those 71 countries and estimates for a number of other countries such as Russia, Vietnam, Taiwan and Mexico.

According to the Association, the world's top steel producer, China, remains stable at 1 019 billion tons produced in 2023, up from 1 018 in 2022. In contrast, in India, the second-largest producer, production jumped 11,8% to 140,2 million tons, up from 125,4 million tons in 2022.

Steel production in the United States was virtually unchanged at 80.7 million tons (vs. 80,5 million tons in 2022, +0,2%), while in Canada it rose 1,3% to 12,3 million tons.

In the 27-country European Union, steel production fell 7,4% to 126,3 million tons last year.

The Netherlands (-23,9% to 4,7 million tons), Czech Republic (-21,1% to 3,54 million tons), France (-17,4% to 10 million tons), Belgium (-16,1% to 5,9 million tons) and Poland (-13,1% to 6,4 million tons) recorded the largest European declines.

Germany, the world's 7th largest producer, fell 3,9% to 35,4 million tons, Italy fell 2,4% to 21,1 million tons, and Spain fell 2,7% to 11,3 million tons.

Outside the EU, in the UK, where the closure of several blast furnaces owned by Indian steelmaker Tata Steel was announced in mid-January, production fell 6,5% to 5,6 million tons.

Finland, the only European country to record notable growth, produced 7,7% more steel than in 2022 (3,8 million tons).

In Latin America, production fell 5,7% to 41,5 million tons, and in Japan, production fell 2,5% to 87 million tons.

Overall, growth in steel production in India and other developing countries helped offset declines in Europe and other developed countries. However, given the ongoing geopolitical and macroeconomic risks, the outlook for steel production in 2024 remains uncertain.


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