Global steel production decreased by 5.1% y/y in May

Global steel production in May 2023 decreased by 5.1% compared to the same month of 2022 – to 161.6 million tons. This is evidenced by the global rating of 64 steel-producing countries World Steel Association.

Compared to the previous month, global steel output increased by 0.1%. Total steel production in the CIS countries + Ukraine in May 2023 increased by 11.5% y/y and by 5.3% m/m – up to 7.9 million tons.

The top ten steel-producing countries in May 2023, according to WorldSteel:

• China – 90.1 million tons (-7.3% compared to May 2022);
• India – 11.2 million tons (+4.1%);
• Japan – 7.6 million tons (-5.2%);
• USA – 6.9 million tons (-2.3%);
• Russia – 6.8 million tons (+8.8%);
• South Korea – 5.8 million tons (-0.1%);
• Iran – 3.3 million tons (+8.8%);
• Germany – 3.2 million tons (+0.2%);
• Turkiye – 2.9 million tons (-10.4%);
• Brazil – 2.8 million tons (-5.5%).

In January-May 2023, world steel production decreased by 1.2% compared to the same period in 2022 – to 786 million tons. During this period, the CIS countries + Ukraine reduced the total steel production by 3.8% y/y – to 36.9 million tons.

As GMK Center reported earlier, in 2022 world steel production decreased by 4.3% compared to 2021 – to 1.831 billion tons. The CIS countries + Ukraine for 2022 reduced the total production of steel by 20.2% y/y – to 85.2 million tons.

Ukraine in 2022 reduced production of steel by 70.7% compared to 2021 – to 6.3 million tons. Thus, due to the war, the country fell to the 25th place in the ranking of world steel producers according to WorldSteel.