Global Crude Steel Output Dipped in Jan-Aug '22

SEATTLE (Scrap Monster): The world crude steel production by the 64 countries reporting to the World Steel Association (worldsteel) totalled 1,253.9 million tonnes (Mt) during the initial eight-month period of the current year. This is substantially down by 5.1% when compared with the production during the period from January to August in 2021.

The largest regional producer of steel during the period was Asia and Oceania region, which recorded a cumulative output of approximately 925.1 Mt. The region accounted for approximately 74% of the total global production. The regional output dropped by 4.3% over the previous year. The second largest producer was the block of EU-27 countries, whose output recorded notable year-on-year decline by 6.9% to 95.3 Mt. In third place was North America with a year-to-date production of 76.0 Mt. The production by the region posted marginal decline by 3.6% over Jan-Aug‘21.

The Russia & Other CIS + Ukraine region recorded significant decline by 18.2% in output to 59.10 Mt. The South American output, at 29.2 Mt, was down modestly by 4.1%, when matched with the previous year. The Middle East output edged higher significantly by 6.9% to 7.40 Mt, becoming the only region to witness surge in output year-on-year. The African countries witnessed 7.4% dip in output to 9.7 Mt during the eight-month period.

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