Global steel production experienced a slight decline of 0.9% in 2024, according to the World Steel Association. Despite some regional increases, overall production levels were lower compared to the previous year. Total crude steel production in 2024 amounted to 1.863 billion tonnes, down from 1.879 billion tonnes in 2023.
China, the world's largest steel producer, saw a 1.4% decrease in production, amounting to 1.013 billion tonnes. Despite the decline, China still accounted for 54.4% of global steel production. India, the second-largest producer, increased its output by 3.7%, reaching 118.2 million tonnes. However, production in Japan, the third-largest producer, dropped by 4.3% to 88.4 million tonnes.
The European Union experienced a 6.5% decline in steel production, totaling 143.3 million tonnes. Germany, the largest producer in the EU, saw a 4.9% decrease, producing 36.5 million tonnes. In contrast, the United States increased its steel output by 1.9% to 86.8 million tonnes.
The decline in global steel production is attributed to several factors, including weaker demand from the construction and automotive sectors, supply chain disruptions, and energy shortages. The steel industry has also faced challenges related to environmental regulations and the transition to greener technologies.
The World Steel Association's report highlights the need for the steel industry to adapt to changing market conditions and invest in sustainable production methods. As the world economy continues to recover from the impacts of the COVID-19 pandemic, the steel industry will play a crucial role in supporting infrastructure development and economic growth.
