worldsteel: Crude Steel Output Extended Surge in February

SEATTLE (Scrap Monster): The world crude steel production by 64 countries reporting to the World Steel Association (worldsteel) was 143.3 million tonnes (Mt) in February this year, higher by 2.8% when compared with February 2019.

Region-wise, the Middle East region recorded the biggest surge in output. The steel production by the region totalled 3.6 Mt, significantly higher by almost 23% from the previous year. The Oceania region reported 14.9% year-on-year jump in output.

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On the contrary, European production tumbled by 9%. The production by North America and South America posted modest declines by 1.3% and 0.9% respectively. The African crude steel production too was down by over 4% from February last year.

China- the single largest producing nation saw its output climb higher by almost 5% from 71.231 Mt in February last year to 74.773 Mt in February 2020. The country accounted for almost 73.5% of the Asian output and more than 52% of the total global crude steel production.

The U.S. produced 7.168 Mt of steel in February this year, an increase of almost 3% when compared to February 2019.

The cumulative steel output by the above mentioned 64 countries during the initial two-month period in 2020 totalled 293.984 Mt, slightly higher by 1% when matched with the output of 291.025 Mt in Jan-Feb ’19, said worldsteel data.