Weekly Raw Steel Production, Mill Utilization Up 0.3%

Raw steel production by U.S. mills totaled 1,839,000 net tons in the week ended June 19, up 0.3% compared with the week prior when production was 1,834,000 net tons. The average mill utilization rate was 82.9%, also up 0.3% week on week, reported the American Iron and Steel Institute (AISI). Last week’s output represents a 44.6% increase from year-ago levels, when production was just 1,272,000 net tons and utilization was a meager 56.8% as steel mills coped with coronavirus-related interruptions.

The latest data from AISI indicates that annual steelmaking production capacity was downgraded again. The estimated annual capacity has decreased by 2.4% over the past four weeks, from 118.1 million tons to 115.3 million tons. The correction is in line with the associations’ ongoing review of its statistical process. Further changes are likely as permanently idled capacity is accounted for, while soon-to-be new capacity is introduced.