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Steelmakers start 2024 with slower pace

Here’s a summary of the steel production trends:

  1. Global Production: Steel production across 71 reporting countries to Worldsteel decreased by about 1.6 percent in January 2024 compared to January 2023.
  2. Chinese Production: China, the largest steel producer, experienced a drop in output, producing an estimated 77.2 million metric tons in January 2024, a 2.9 percent decrease from January 2023. Despite the decline, China still accounted for 52 percent of the global total.
  3. Indian Production: India, the second-largest producer, saw an increase in production, with mills producing 12.5 million metric tons of steel, marking a 7.3 percent rise from January 2023.
  4. Other Nations: Brazil experienced a decline in production, down by 7.2 percent in January 2024 compared to the same period last year. German steelmakers produced 0.9 percent less, while U.S. mills saw a 0.3 percent drop.
  5. Turkey and India: Turkey’s steel production surged by 24.7 percent in January 2024 compared to the previous year, primarily due to scrap-fed electric arc furnace operations. India also showed positive growth, with a 7.3 percent increase in output.
  6. February Trends in the U.S.: As of February 17, 2024, U.S. steel production is lagging behind the levels seen in early 2023, with a decrease of 1.8 percent reported by the American Iron & Steel Institute.

Overall, while some countries experienced declines in steel production, others such as India and Turkey showed growth, indicating mixed trends in the global steel industry.