World Crude Steel Output Till October Witnessed Modest Decline

SEATTLE (Scrap Monster): The world crude steel production by the 64 countries reporting to the World Steel Association (worldsteel) totalled 1,552.7 million tonnes (Mt) during the initial ten-month period of the current year. This is modestly down by 3.9% when compared with the production during the period from January to October in 2021.

The largest regional producer of steel during the period was Asia and Oceania region, which recorded a cumulative output of approximately 1,145.3 Mt. The region accounted for nearly 74% of the total global steel production. The regional output dropped marginally by 2.1% when compared with the previous year.

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The second largest producer was the block of EU-27 countries, whose output recorded notable year-on-year decline by 9.2% to 117.1 Mt. In third place was North America with a year-to-date production of 94.0 Mt. The production by the region posted modest decline by 4.7% over Jan-Oct‘21.

The Russia & Other CIS + Ukraine region recorded significant decline by 19.0% in output to 72.60 Mt. The South American output, at 36.4 Mt, was down modestly by 4.5%, when matched with the previous year. The Middle East output edged higher significantly by 7.7% to 36.4 Mt, thereby becoming the only region to witness surge in output year-on-year. The African countries witnessed 5.6% dip in output to 12.5 Mt during the initial ten-month period of 2022.