Global Steel Production Up Nearly 5.0% in January

Global crude steel production totaled 162.9 million tons in January, up 1.3% from the month prior and up 4.8% year over year when total production was 155.5 million metric tons. The U.S. was the fourth largest producer, accounting for 5.6% of total global crude steel produced in January at 9.6 million metric tons, while China produced more than half of the world’s total crude steel at 55.4% or 90.2 million metric tons. January’s total is especially notable because it’s compared to pre-pandemic figures from 2019. Additionally, the rebound in world crude steel production is particularly remarkable considering that global growth prospects nearly collapsed in early 2020 following the implementation of stringent containment measures to curb the spread of the COVID-19.

Despite the noted year-on-year improvement in U.S. crude steel production, there are still clear signs that the domestic market is on a corrective course, as production was down nearly 12% in the three months through January compared to the same period one year ago. By contrast, world crude steel production was up 6.3% in the same three-month period in 2020, according to data from the World Steel Association. Nevertheless, the United States’ rate of growth among the 10 major steel-producing nations was 12.7% in the three months through January, outpaced only by Russia at 14.4%.