In the week ending November 30, 2024, U.S. domestic raw steel production amounted to 1,638,000 net tons. This marked a 2.9% decrease when compared to the same week in 2023, which saw production at 1,687,000 net tons. Despite the reduction in output, the steel mills were operating at a capability utilization rate of 73.8%, slightly higher than the 73.4% recorded in 2023. This indicates that while mills are using their installed capacity more effectively than last year, overall production levels remain lower, reflecting a complex market scenario for steelmakers.
This decline in steel production for the week ending November 30, 2024, also represents a 1.0% drop from the prior week, when 1,655,000 net tons of steel were produced, with a higher utilization rate of 74.5%. The short-term production drop suggests that the U.S. steel industry is facing some temporary challenges. These may stem from fluctuations in demand, seasonal factors, or external economic pressures. The steel sector’s ability to quickly adjust to these changes is critical to maintaining its overall output and efficiency levels.
The geographic distribution of steel production across the U.S. in the week ending November 30, 2024, shows significant regional variation. The Southern region was the leading producer with 690,000 net tons, followed by the Great Lakes region with 544,000 net tons. Other regions, including the Midwest (227,000 net tons) and North East (127,000 net tons), contributed smaller amounts, while the Western region produced just 50,000 net tons. These figures highlight the importance of certain areas, like the South and Great Lakes, in maintaining the overall production capacity of the U.S. steel industry.
For the year-to-date period ending November 30, 2024, total raw steel production in the U.S. reached 80,517,000 net tons. This is a 2.3% decline compared to the same period in 2023, which saw a total of 82,422,000 net tons produced. The capability utilization rate also fell slightly from 76.1% last year to 75.8% in 2024. These trends indicate a slowing pace in steel production, even as the overall numbers remain substantial. While the year-to-date figures reflect a dip, the steel industry remains a key player in U.S. manufacturing, contributing heavily to infrastructure and industrial sectors.
