Global steel production declined by 3.9 percent in the first ten months of this year, under pressure from the global economic slowdown amid repercussions of the Corona pandemic in China and pressures imposed by the Russian-Ukrainian conflict.
The World Steel Federation stated in its monthly report, on Tuesday, that the total global steel production – 64 countries – amounted to 1.55 billion tons during the period, compared to 1.6 billion tons in the corresponding ten months of 2021.
According to the report, world crude steel production stabilized last October, unchanged from the same month of the previous year, at 147.3 million tons.
China topped the countries producing the most in the first ten months of this year, with 860.6 million tons, an annual decrease of 2.2 percent.
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India ranked second in terms of production volume with 103.8 million tons, an increase of 6.1 percent, while Japan ranked third with a production volume of 75.2 million tons, down 6.5 percent.
The United States ranked fourth with a production volume of 68.1 million tons, down by 4.8 percent, and Russia ranked fifth, with a production volume of 60.4 million tons, a decrease of 6.6 percent.
South Korea ranked sixth, producing 55.7 million tons, then Germany 31.4 million tons, then Turkey 30.2 million tons.
In a previous report, the union predicted a slowdown in global steel demand growth in 2022 to 0.4 percent, from 2.7 percent growth in the previous year, due to the repercussions of the war in Ukraine and high levels of inflation.
Demand is expected to rise to 1.840 billion tons this year, then it will grow by 2.2 percent in 2023 to 1881.1 million tons.
The World Steel Federation is one of the largest and most dynamic industry associations in the world; Its members produce nearly 85 percent of the world’s steel production.