The World Steel Association says that the global crude steel production in 2024 declined by about 1% year-on-year. With the data released, organizations now want to determine where steel prices might go for the rest of 2025.
On January 24, the Brussels-based association reported that total volumes for the year exceeded 1.88 billion metric tons, slightly down from nearly 1.9 billion metric tons in 2023. These figures reflect data from the 71 nations that submit reports to Worldsteel.
Asia and Oceania
Steel production in Asia and Oceania experienced a decline in 2024, with China, Japan, and South Korea reporting lower output, while India remained the exception with a significant increase.
China, the world’s largest steel producer, recorded a 1.7% drop in crude steel production, pouring 1 billion metric tons compared to 1.02 billion metric tons in 2023. The overall steel output for Asia and Oceania fell by 1% year-on-year, totaling 1.36 billion metric tons, down from 1.37 billion metric tons.
Japan saw a sharper decline of 3.4%, with crude steel production slipping from 87 million metric tons in 2023 to 84 million metric tons in 2024. South Korea’s output also declined, dropping 4.7% to 63.5 million metric tons from 66.7 million metric tons.
In contrast, India defied the regional trend, reporting a 6.3% increase in crude steel production to nearly 150 million metric tons, up from 141 million metric tons the previous year.
Vietnam, a major exporter of hot rolled coil to Europe, saw a 14.9% rise to 22.1 million metric tons from 19.2 million metric tons. However, Malaysia had the largest jump in percentages, with a 16.9% increase to 8.8 million metric tons from 7.5 million metric tons. Crude steel production in neighboring Indonesia was largely static, with an estimated 17 million metric tons poured in 2024 compared with 16.8 million metric tons in 2023.
Steel Prices: European Union
The European Union, the world’s second-largest steel-producing region, reported a 2.6% increase in crude steel production in 2024, reaching nearly 130 million metric tons, up from 126 million metric tons in 2023.
Germany, the EU’s top producer, saw a 5.2% rise to 37.2 million metric tons, while France’s output grew 7.6% to 10.8 million metric tons. Italy, however, recorded a 5% decline to 20 million metric tons.
The Netherlands led the region in growth, with a 36% surge to 6.4 million metric tons, followed by Belgium, which saw a 21.1% rise to 7.1 million metric tons. Poland’s production also climbed 10.1% to 7.1 million metric tons.
Conversely, Slovakia reported the largest decline, with output falling 11.7% to 3.9 million metric tons.
Europe and Asia
Crude steel production in Worldsteel’s “Europe, Other” category grew by 3.4% in 2024, reaching 43.2 million metric tons, up from 41.8 million metric tons in 2023. Türkiye led the group with a 9.4% surge to 36.9 million metric tons.
In contrast, UK steel output fell sharply by 29% to 4 million metric tons as Tata Steel shut down its blast furnaces to transition to electric arc technology under a £1.25 billion ($1.55 billion) plan.
Meanwhile, steel production in Russia & other CIS + Ukraine declined by 4.2% to 84.8 million metric tons. Russian mills saw a 7% drop to 70.7 million metric tons, while Ukraine’s output rose 21.6% to 7.6 million metric tons. Kazakhstan also recorded a 6.5% increase, producing 4.2 million metric tons.
The Middle East and Africa
Steel production in the Middle East remained largely unchanged in 2024 at 54.1 million metric tons, with Iran contributing 30.7 million metric tons, both reflecting less than 1% growth.
Saudi Arabia’s output declined by 3.4% to 9.6 million metric tons, while the UAE saw a 1.4% drop to 3.7 million metric tons.
Africa’s steel production also remained stable at 22.3 million metric tons. Egypt’s output rose 3.6% to 10.7 million metric tons, while South Africa recorded a 4.8% decline to 4.7 million metric tons.
North and South America
North America’s crude steel production fell 4.2% to nearly 106 million metric tons in 2024. The U.S. saw a 2.4% decline to 79.5 million metric tons, while Canada’s output remained steady at 12.2 million metric tons.
Mexico was the largest single contributor to the decline out of the three major producers in the North American category, with a 16.5% decrease to 13.7 million metric tons from 16.4 million metric tons the previous year.
South America’s crude steel production remained stable in 2024 at 41.9 million metric tons. Brazil, the region’s top producer, saw a 5.3% rise to 33.7 million metric tons.
In contrast, Argentina’s output dropped 21.6% to 3.9 million metric tons, a decline that could influence global steel prices.