Economy
WSA: Global Steel Production Down for Third Straight Month in August
Written by David Schollaert
September 23, 2021
Steelmakers around the world produced an estimated 156.8 million metric tons of crude steel in August, down 3.0% or 4.9 million metric tons from the month prior, reported the World Steel Association (worldsteel). Cutbacks in China accounted for much of the decrease.
Global steel production in August was also down 1.4% compared to the same period a year ago. This was the third decrease in as many months following sequential record-breaking increases from March through May, worldsteel said.
Chinese steel production saw a monthly decline of 4.1% or 3.6 million metric tons in August, accounting for nearly 75% of the total 4.9-million-ton global decrease. Chinese production in August totaled an estimated 83.2 million metric tons. China produces roughly half the world’s steel each year.
Brazil and India, two of the top 10 global steel-producing countries, were the only ones to see increases over the prior month. Production in the United States, Korea, Turkey and Germany was unchanged, worldsteel reported.
By David Schollaert, David@SteelMarketUpdate.com
David Schollaert
Read more from David SchollaertLatest in Economy
Metalformers expect steady conditions in coming months
Metalformers expect economic activity to stabilize over the next three months, according to the recently released July Business Conditions Report from the Precision Metalforming Association (PMA).
Architecture Billings Index rises from 4-year low in June
The Architecture Billings Index (ABI) ticked up in June following May’s four-year low, according to the American Institute of Architects (AIA) and Deltek. While the index improved this month, it continues to indicate weak business conditions among architecture firms.
Beige Book: Uncertainty to continue fueling slower economic growth
Growth in the US economy continues to be constrained. The Federal Reserve’s Beige Book report for July shows more areas reporting flat or declining economic activity than in its previous report at the end of May.
AISI, AISC, University of Massachusetts get ~$6.4M EPA grant
The American Iron and Steel Institute (AISI), American Institute of Steel Construction (AISC), and the University of Massachusetts at Amherst have received a grant to enhance emissions reporting for steel construction projects.
Manufacturing activity in New York state continues to soften
New York state saw a continued decline in manufacturing activity in July, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.