Global steel production hits 1.81 b MT

Thursday, 31 January 2019 00:32 - - {{hitsCtrl.values.hits}}

Global crude steel production has reached roughly 1.81 billion metric tons (mt) in 2018, up 4.6% compared to the previous year, said the World Steel Association in its latest report, showing a rate of increase substantially higher than expected levels of global economic growth for the year.

Production grew in all regions in 2018 except the European Union, which saw a 0.3% contraction, worldsteel said.

The rate of increase was however slightly lower than the 5.5% global crude steel production growth registered in 2017 over 2016 levels. Asia produced 1.27 billion mt of crude steel in 2018, an increase of 5.6% compared to 2017. China’s crude steel production in 2018 reached 928.3 million mt, up by 6.6% on 2017.

China’s share of global crude steel production increased from 50.3% in 2017 to 51.3% in 2018, said the report from World Steel Association.

India’s crude steel production for 2018 was 106.5 million mt, up by 4.9% on 2017, meaning India has replaced Japan as the world’s second largest steel producing country.

Japan produced 104.3 mt in 2018, down 0.3% compared to 2017. South Korea produced 72.5 million mt of crude steel in 2018, an increase of 2.0% compared to 2017.

Crude steel production in Asia and China showed strong growth in 2018, and China’s leadership position in overall output also grew, according to worldsteel. A program to eliminate obsolete and polluting capacity in China, including at induction furnaces whose output may not have been included in official figures, is seen to have been compensated for by greater productivity at more modern and efficient mills.

The Middle East produced 38.5 million mt of crude steel in 2018, an increase of 11.7% on 2017, said the worldsteel in its report. Iran, which is undertaking a major steelmaking capacity expansion as part of an economic development plan, was the world’s tenth biggest crude steel producer last year, with output of 25.0 million mt, a jump of 17.7% on 2017.

Turkey, number eight in the global steel league, had 2018 crude steel production of 37.3 million mt, down by 0.6% from 2017, it stated.

After the US at number four, South Korea was the world’s fifth biggest crude steel producer with output of 72.5 million mt, up 2% from 2017.