Analysis
March 24, 2026
Global steel output slowed in February
Written by David Schollaert
Global raw steel production declined 3.7% from January to an estimated 141.8 million metric tons (mt) in February, according to World Steel Association (worldsteel) data. Output was one of the lowest totals over the past three years.
On a 12-month moving average (12MMA) basis through February, annual production has averaged 148.6 million mt per month over the last year, down 2.6% from the same period one year prior (see Figure 1). Until September, annual output had hovered between 152 million and 154 million mt for nearly three years, comparable to pre-pandemic levels. That trend has deviated steadily since, declining over the past five months.
February’s daily production rate was 4.29 million mt, down 6.7% and the lowest daily rate since December 2016, when the daily production rate was 4.28 million mt.
Over the last year, daily production was as high as 5.37 million mt in March. At February’s rate, annualized global production would total approximately 1.57 billion mt (see Figure 2), also the lowest rate recorded in nearly a decade.
Seasonal trends
Steel production is highly seasonal, with output typically strongest in the spring months and weaker in the second half of the year. Annual comparisons can help see past seasonal variations. Figure 3 shows the year-over-year (y/y) growth rates for total global production and for China and the rest of the world (ROW) combined.
February’s output was 2.4% lower than the same month in 2025, marking the sixth straight month of negative annual growth. ROW production declined for the first time in nine months (down 1.1% y/y). China’s annual growth rate was negative for the 11th straight month, at -3.5%.
Regional breakdown
China accounted for 53.7% of global production in February, producing 76.1 million mt (see Figure 4). That’s up 1.1% from January, and the highest production rate since August. Chinese output has averaged 78.4 million mt per month across the past year.
In February, China’s share of global steel production remained above 50% for the second straight month after dropping below that mark in November and December.
ROW steel output declined 8.8% to 65.7 million mt in February, the lowest total since February 2023, when 65.1 million mt were produced. ROW production has averaged 69.9 million mt per month over the past year.
Top-producing countries
India maintained its position as the second-largest steel producer in February, accounting for 10% of global output. Other significant producers included the United States and Japan, each at 5%; and South Korea and Russia, each at 3%. They were followed by Turkey, Germany, and Brazil, each at 2%. Iran closed out the top 10, accounting for 1% of global output.
Comparing year-to-date (YTD) output by country with the same period of 2025 reveals modest shifts in market share. In the first month of 2025, Chinese production was down 4% compared with the same period last year. Russia was down 10%, Brazil was down 6%, and Iran was down 1.3%. India and the US were outliers, with YTD production up 8% and 6%, respectively.
