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Steel Industry Reels as Output Falls: Yearly Production Down
Steel Industry Reels as Output Falls: Yearly Production Down

Steel Industry Reels as Output Falls: Yearly Production Down

  • 24-Mar-2023 12:33 PM
  • Journalist: Emilia Jackson

Global crude Steel production decreased by 1% in February of this year when compared to the same month last year. Despite this decline, China saw a 5.6% increase in its Steel output for the period, with other countries such as Iran and India following suit at 22% and 1%, respectively.

Global Steel production fell in February, with seven of the world's 10 largest Steel-producing nations reporting declines. This includes the United States (-5.6%), Japan (-6.1%) and Turkey (-23.1%).

Last month saw a promising trend in the U.S. Steel production industry, with statistics from both the construction and automotive sectors pointing to stable output levels.

This progress is closely tied to news out of Turkey: recently, the largest global importer of US ferrous scrap was shaken by two devastating earthquakes. In response, the Turkish government has organized an extensive rebuilding program which, if successful, could lead to increased demand for Steel from American suppliers in the coming months.

The Steel mill industry has not experienced a dramatic increase in production, but scrap yards around the globe - including the U.S. - are facing a shortage of supply. This has caused an uptick in scrap prices over the past couple of months. It remains to be seen if this trend will last or if prices will drop back down again soon.

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