In the week ending August 31, 2024, domestic raw steel production in the United States totaled 1,760,000 net tons. This figure represents a 1% increase compared to the same week in 2023, when production was recorded at 1,742,000 net tons. The capability utilization rate for this week stood at 79.2%, which is a notable improvement from the 76.6% recorded during the same period last year. This upward trend in production suggests a gradual recovery in the steel industry, although challenges remain.
Despite the year-over-year increase, production for the week ending August 31, 2024, saw a slight decline of 1.2% compared to the previous week, when production was 1,782,000 net tons and the capability utilization rate was higher at 80.2%. This week-to-week decrease could indicate fluctuations in demand or potential supply chain issues that are affecting the overall production capacity of U.S. steel mills.
Breaking down production by regions provides further insights into the steel industry's performance across the country. For the week ending August 31, 2024, production in the Northeast totaled 125,000 net tons, while the Great Lakes region led with 602,000 net tons. The Midwest contributed 212,000 net tons, the Southern region produced 760,000 net tons, and the Western region accounted for 61,000 net tons. This regional data emphasizes the significance of the Southern and Great Lakes areas as key players in U.S. steel production.
Year-to-date production figures through August 31, 2024, show a cumulative total of 59,338,000 net tons, with a capability utilization rate of 76.6%. This marks a decline of 2% from the 60,560,000 net tons produced during the same timeframe in 2023, when the utilization rate was slightly higher at 77.2%. The downward trend in year-to-date production highlights ongoing challenges faced by the steel industry, including competition from imported steel and shifts in domestic demand.
