In the week ending August 3, 2024, the American Iron and Steel Institute heralded a production figure of 1,722,000 net tons of domestic raw steel, reflecting a capability utilization rate of 77.5%. This incremental ascendancy signifies a 0.6% enhancement compared to the analogous period in the preceding year when the output was 1,712,000 net tons, coupled with a capability utilization rate of 75.3%.
Despite this year-over-year augmentation, the week-to-week comparison reveals a nuanced decline of 0.4% from the preceding week ending July 27, 2024, which recorded a production of 1,729,000 net tons and a slightly higher capability utilization rate of 77.9%. This fluctuation underscores the dynamic nature of steel production, subject to myriad operational and market variables.
A granular analysis of district-wise production for the week ending August 3, 2024, reveals a heterogeneous landscape. The Southern district emerged as the vanguard, with a formidable output of 733,000 net tons. Following suit, the Great Lakes district contributed 582,000 net tons, while the Midwest and North East districts produced 211,000 and 130,000 net tons, respectively. The Western district, albeit smaller in scale, added 66,000 net tons to the cumulative total.
Delving into the adjusted year-to-date metrics through August 3, 2024, domestic raw steel production aggregated to 52,421,000 net tons, corresponding to a capability utilization rate of 76.5%. This figure delineates a 2.2% regression from the equivalent span in the prior year, where production stood at 53,592,000 net tons with a capability utilization rate of 77.3%. The marginal dip in year-to-date production reflects broader trends and challenges within the industry.
