World Crude Steel Output Witnessed Substantial Decline in H1 2022

SEATTLE (Scrap Monster): The world crude steel production by the 64 countries reporting to the World Steel Association (worldsteel) totalled 949.4 million tonnes (Mt) during the initial six-month period of the current year. This is significantly down by 5.5% when compared with the production during the corresponding half-yearly period in 2021.

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World Crude Steel Output Witnessed Further Decline in June

The largest regional producer of steel during the period was Asia and Oceania region, which recorded a cumulative output of approximately 701.4 Mt. The region accounted for almost 74% of the total global crude steel production. The regional output dropped by 4.8% over the previous year. The second largest producer was the block of EU-27 countries, whose output recorded notable year-on-year decline by 6.2% to 73.8 Mt. In third place was North America with a production of 57.2 Mt. The year-to-date production posted marginal decline by 2.3% over Jan-June ‘21.

Russia and other CIS countries along with Ukraine recorded notable decline by 18% in output to 43.60 Mt. The South American output, at 21.8 Mt, was down modestly by 2.8%, when matched with the previous year. The Middle East output has edged lower by 5.9% to 20.4 Mt. Meanwhile, the African countries saw their output drop by 9.1% to around 7.3 Mt during January to June 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.