In October 2024, global crude steel production reached 151.2 million metric tons, a slight increase of 0.4% from the previous year, according to the World Steel Association. This overall uptick reflects both regional challenges and successes in steel production. While some areas reported growth, others faced obstacles that resulted in decreased output. The report paints a varied picture of the steel industry, with notable differences across regions and leading steel-producing nations.
Asia and Oceania, which encompasses key steel-producing countries like China, India, and Japan, produced a total of 110.3 million metric tons in October 2024, up by 0.9% compared to the previous year. This increase was driven largely by China's continued dominance in the global steel market, where production rose by 2.9%, reaching 81.9 million metric tons. Despite this growth, China’s year-to-date production for 2024 showed a slight decline of 3% compared to the same period in 2023, reflecting some domestic challenges in the sector, including efforts to curb pollution and excess capacity in certain regions.
India, the second-largest steel producer, also saw growth in October, with a 1.7% increase, producing 12.5 million metric tons of crude steel. This solid performance in India reflects a growing demand for steel in infrastructure and manufacturing sectors, driven by the country’s rapid industrialization. On the other hand, Japan, traditionally a major player in the steel industry, faced a significant decline of 7.8%, producing only 6.9 million metric tons. The decrease in Japan’s output can be attributed to various factors, including the global economic slowdown and a decrease in demand from key industries such as automotive and construction.
In contrast, regions like Europe showed positive performance. The European Union saw a notable 5.7% increase in crude steel production, reaching 11.3 million metric tons in October 2024. This growth is a testament to the region’s ongoing recovery efforts following previous years of economic and supply chain disruptions. The EU’s steel industry has been bolstered by strong demand for steel in automotive manufacturing, renewable energy projects, and infrastructure development. Additionally, the Middle East saw a 5.4% rise in production, with total output reaching 5.0 million metric tons, fueled by investments in expanding steel capacity and infrastructure projects in countries like Saudi Arabia and Iran.
However, not all regions experienced growth. North America, which includes the United States and Canada, produced 8.8 million metric tons in October 2024, down by 3.6% compared to October 2023. This decline can be attributed to lower demand in the construction and automotive sectors, as well as some shifts in trade policies and challenges in the supply chain. Russia and other countries in the Commonwealth of Independent States, including Ukraine, saw an even more significant drop of 12.2%, producing only 6.7 million metric tons in October. This decline is primarily due to the ongoing geopolitical instability caused by the war in Ukraine, which has severely disrupted steel production in the region.
South America was one of the few regions to report a strong performance, with production increasing by 7.2% to reach 3.8 million metric tons t. This growth was driven by Brazil, the region’s largest steel producer, which saw a 16.2% increase in production. The demand for steel in South America is largely supported by infrastructure projects, as well as a recovery in export markets for Brazilian steel.
The variation in global steel production underscores the shifting dynamics of the industry. While Asia, led by China and India, continues to dominate global output, other regions are showing signs of recovery or facing significant challenges. The slowdown in production in certain countries, such as Japan, Russia, and South Korea, highlights the complexities of the global steel market. These declines can be linked to various factors, including economic uncertainties, trade tensions, and shifts in industrial demand.
Looking at the year-to-date production figures, the global steel industry is seeing mixed results. The total production for 2024 from January to October stood at 1,546.6 million metric tons, which represents a 1.6% decrease compared to the same period in 2023. While regions like the EU, South America, and the Middle East have experienced growth, larger declines in Asia and North America have contributed to this overall downturn. The future of the global steel industry will depend on how countries manage supply chain issues, demand fluctuations, and the ongoing drive toward more sustainable production practices.
In summary, while global steel production showed a small increase in October 2024, the industry remains in a state of flux, with significant disparities across regions. The rising production in the EU, South America, and the Middle East contrasts with challenges faced in North America, Russia, and Japan. This highlights both the resilience and the vulnerabilities of the steel sector as it adapts to a rapidly changing global landscape.
