U.S. Steel Capability Utilization Dipped Substantially

SEATTLE (Scrap Monster): The U.S. raw steel production totalled 1.542 million net tons in the week ending on October 24, 2020. The mill capability utilization rate was 69.7%, said the most recent weekly steel industry data published by the American Iron and Steel Institute (AISI).

The estimated production tonnage for the most recent week represents a decline of 14.6% from the corresponding week a year before. The production had totalled 1.805 million net tons in the week ending October 24, 2019, at a capability utilization rate of 78.0%. The current week production compares with the production of 1.535 million net tons at a rate of capacity utilization of 69.4% during the prior week. The production edged higher marginally by 0.5% over the prior week, AISI data said.

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According to AISI, the adjusted year-to-date production through October 24, 2020 totalled 64.023 million net tons, which is down sharply by 19.3% from the previous year. The capability utilization rate during this period averaged at 66.4%. The raw steel production had totalled 79.350 million net tons at an average capability utilization rate of 80.1% during the corresponding period last year.

The Southern region topped the production chart with an output of 600,000 net tons, followed by Great Lakes region with 563,000 net tons. The output (in net tons) by other regions is as follows: North East (135,000), Midwest (171,000) and Western (73,000).