World Crude Steel Output Plummeted in Q1 2022

SEATTLE (Scrap Monster): The world crude steel production by the 64 countries reporting to the World Steel Association (worldsteel) totalled 456.6 million tonnes (Mt) during the initial three-month period of the current year. The quarterly production is down significantly by 6.8% when compared with the production during the corresponding quarterly period a year before.

The largest regional producer of steel during the period was Asia and Oceania region, which recorded a cumulative output of approximately 331.30 Mt. The region accounted for approximately 73% of the total global production. The regional output reported decline by 7.8% over the previous year. The second largest producer was the block of EU-27 countries, whose output recorded notable year-on-year decline by 3.8% to 36.8 Mt. In third place was North America with a production of 28.0 Mt. The quarterly output by the region posted marginal decline by 0.9% over Q1 2021.

The Russia and Other CIS along with Ukraine recorded substantial decline in output by 8.5% to 24.0 Mt. The South American output, at 10.6 Mt, was down modestly by 3.6%, when matched with the previous year. The Middle East output was slightly lower by 1.9% to 10.2 Mt. Meanwhile, the African countries witnessed 2.9% decline in output to 3.8 Mt during January to March this year.

It must be noted that the 64 countries included in the list, had accounted for 98% of world’s total crude steel production in 2020.

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