Global steel production slightly declined in 2024 to 1,882.6 million tonnes (mt) compared to 1,897.9 mt in 2023, representing a 0.8 percent decrease, as per data from the World Steel Association (worldsteel).
China, the largest producer of steel, recorded a 1.7 percent decrease in output from 1,022.5 mt in 2023 to 1,005.1 mt in 2024. On the other hand, India’s production increased by 6.3 percent from 140.8 mt in 2023 to 149.6 mt in 2024, solidifying its position as the second-largest steel producer globally.
In December, global crude steel production rose by 5.6 percent to 144.5 million tonnes (mt) compared to 136.8 mt in the same period last year. China produced 76 mt in December, an 11.8 percent increase from the previous year, signaling a recovery from earlier declines. India’s output also saw a 9.5 percent increase to 13.6 mt during the same month.
However, production in Russia witnessed an 8.6 percent decline at 5.7 mt. South Korea’s production also decreased by 3.2 percent to 5.2 mt. Meanwhile, Germany saw a 4.1 percent increase in production at 2.7 mt, while Turkiye’s output plummeted by 7.6 percent to 3 mt. The United States’ production dropped by 2.4 percent to 6.7 mt.
Brazil’s steel output increased by 1.8 percent to 2.6 mt, while Iran’s production decreased by 8.2 percent to 2.6 mt. Japan’s steel production saw a 1.1 percent decline at 6.9 mt.
Regionally, Africa experienced a 1 percent decrease in output, while the EU saw a 7.2 percent increase. Europe’s (Others) output decreased by 14.3 percent. Asia and Oceania’s steel production increased by 9 percent. West Asia’s production dipped by 4.5 percent, while North America’s output dropped by 4.3 percent. South America saw a 3.8 percent decrease in steel production compared to December 2023 figures. Russia and other CIS countries experienced a significant 6.8 percent decline in production.
These insights show the dynamic nature of the global steel industry, with various factors influencing production levels across different regions.
