Global steel production fell by 1% y/y in February

Global steel production in February 2023 decreased by 1% compared to the same month of 2022 – to 142.4 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 decreased by 2%. Total steel production in the CIS countries+Ukraine in February 2023 fell by 21.3% y/y and by 1.5% m/m – to 6.4 million tons.

The top ten steel producing countries in February 2023, according to World Steel:

• China – 80.1 million tons (+5.6% compared to February 2022);
• India – 10 million tons (-1%);
• Japan – 6.9 million tons (-5.3%);
• USA – 6 million tons (-5.3%);
• Russia – 5.6 million tons (-8.6%);
• South Korea – 5.2 million tons (+1.1%);
• Germany – 3 million tons (-6.9%);
• Brazil – 2.5 million tons (-6.7%);
• Iran – 2.4 million tons (+14.6%);
• Turkiye – 2.1 million tons (-28.9%).

In January-February 2023, world steel production decreased by 0.8% compared to the same period in 2022 – to 297.8 million tons. During this period, the CIS countries+Ukraine reduced the total steel production by 20.7% y/y – to 13.3 million tons.

As GMK Center reported earlier, in 2022 world steel production decreased by 4.3% compared to 2021 – to 1.831 billion tons. CIS countries+Ukraine for 2022 reduced total steel production 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.