Global Steel Production Contracts Again in August

World crude steel production contracted for the third consecutive month in August, a complete reversal from the repeated months of record-breaking output from March through May, according to World Steel Association (worldsteel) data. Global production in August, at an estimated 156.8 million metric tons, declined 3.0% from July, and was 1.4% lower than the same period last year.

Since peaking at 174.4 million metric tons in May, world crude steel production has trended down, reaching its lowest level since February. August’s total is 17.5 million metric tons lower than May’s high and 4.9 million metric tons below July’s total. Total global output in August was greatly affected by a 4.1% decrease in Chinese production, along with smaller decreases in four of the top 10 steel-producing countries, reported worldsteel.