In the week ending October 12, 2024, the United States saw domestic raw steel production total 1,620,000 net tons. This figure represents a modest 2.6% decrease compared to the same week in 2023, when production stood at 1,664,000 net tons. Despite this dip in production volume, the capability utilization rate for the current week improved to 72.9%, compared to 72.4% in the same week last year. These statistics indicate a stable yet slightly challenging environment for the domestic steel industry.
Comparing the current week’s figures to the previous week, there was a slight increase in production. For the week ending October 5, 2024, production was recorded at 1,606,000 net tons, resulting in a 0.9% increase for the week ending October 12. The capability utilization rate also showed improvement, rising from 72.3% to 72.9%. This suggests that while overall production may be down compared to last year, recent efforts to ramp up output are starting to bear fruit.
The weekly production numbers also vary by geographic district. In the week ending October 12, 2024, the production breakdown was as follows: the North East region produced 108,000 net tons, the Great Lakes region contributed 570,000 net tons, the Midwest produced 213,000 net tons, the Southern region accounted for 681,000 net tons, and the Western region added 48,000 net tons. The Southern district continues to dominate production, reflecting its robust steel manufacturing capabilities.
Year-to-date figures reveal an overall decline in production as well. From January to October 12, 2024, the adjusted production totaled 69,438,000 net tons, translating to a capability utilization rate of 76.5%. This marks a decrease of 1.7% from the same period in the previous year, where production stood at 70,673,000 net tons and the utilization rate was slightly lower at 76.4%. Such figures highlight ongoing challenges in the sector, possibly influenced by global market conditions and domestic demand fluctuations.
