Global steel production declines in 2024 as industry faces uncertainty in 2025

oilprice.com February 4, 2025, 08:00 PM UTC

Global crude steel production fell by about 1% in 2024, totaling over 1.88 billion metric tons, down from nearly 1.9 billion in 2023. This data comes from the World Steel Association, which includes 71 reporting nations. China, the largest producer, saw a 1.7% decrease in output to 1 billion metric tons. In contrast, India reported a 6.3% increase, while Japan and South Korea experienced declines of 3.4% and 4.7%, respectively. In the European Union, production rose by 2.6% to nearly 130 million metric tons, with Germany and France showing increases. However, Italy's output fell by 5%. The UK saw a significant drop of 29% due to Tata Steel's operational changes.


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