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US steel production operates at 81% of its capacity

The American Iron and Steel Institute, an association of North American steel producers, reported that United States crude steel production operated at approximately 81% of capacity during the first nine months of 2021.

With this, it grew from 66% in the first nine months of 2020.

For its part, The World Steel Association, an association of steel producers, national and regional associations of the steel industry and steel research institutes that represent approximately 85% of world steel production, projected in October 2021 that the US steel consumption will increase in 2021 by about 15% compared to 2020.

He also estimated that it will increase by about 6% in 2022 versus 2021.

Globally, global steel production declined 0.9% in 2020, to 1.830 million tonnes, the first decline since 2015, as a result of the disruption in demand caused by the global Covid-19 pandemic.

In China, effective containment measures and an infrastructure-driven fiscal stimulus pushed China‘s apparent steel consumption up 9% year-on-year, according to World Steel figures, supporting 6% steel production growth in 2020 .

Steel production

In contrast, widespread lockdowns and waves of Covid-19 infections, particularly pronounced in developed regions such as Europe and the United States (while developing regions were relatively less affected) resulted in a drop in global production outside China at 9% YoY.

However, as the fiscal stimulus in China wears off, Chinese steel production is starting to stabilize in the first half of 2021, but is still increasing 8.7% year-on-year.

In contrast, the progress of vaccination, especially in developed economies, has caused a strong rebound in economic activity.

World average production outside of China in the first half of 2021 is 10% higher than in the second half of 2020 and 18% higher year-on-year, led by developed markets where production is 14% higher (15% year-on-year) , while developing countries outside of China was only 5% higher (21% year-on-year).

 

Redacción Opportimes

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