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Global steel output falls but more cuts needed, says analyst - 23 September 2010

Crude steel production in August was 113m tonnes in the 66 countries reporting to the World Steel Association. This resulted in a third consecutive month in which world steel output fell with a decline of 2m t or 1.7% from July. Despite this, year-to-date output remained 20% above year-before levels.

 

Steel Business Briefing’s Managing Editor, Roger Manser, says that the decline shows that producers are responding to the weak market. However “more cuts will be needed in most parts of the world in Q4 for the market to come into balance.”

 

While Chinese production for August was 1.1% down on last year’s, other Asian nations recorded increases, such as Japan 7%, Korea 6%, and India 6%. In the European Union output rose by 15% compared to last August. For January-August 2010 Turkey retained its position as second largest European steelmaker behind Germany; its eight-month output of 18.4mt exceeded the 16.8mt produced by the previous No.2, Italy.

 

From the figures sent to Steel Business Briefing, worldsteel notes that August 2010 output was almost flat compared with August 2008, before the impact of the global recession. But while countries like China, Turkey and Iran showed higher production, the USA, Germany, Italy, Russia, Brazil and Japan are not yet back to pre-crisis levels.

 

 

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