World Steel Production Rises Strongly in December
Global crude steel output grew by 5.5% year-on-year in December to 134.1 Mt, up from 4.7% in November and the fastest rate of annual growth in three years, according to the World Steel Association. However, despite a strong end to the year, negative and weak production growth in earlier months meant annual output in 2016 was up by only 0.8% on 2015 at 1,628.5 Mt.
Production growth in December was driven by output increases across a range of major steel manufacturing regions. As reported previously, Chinese steel production increased by 3.2% to 67.2 Mt in December, while Indian steel output rose by 15.0% to 8.4 Mt. There was also strong growth in the EU (+13.6% to 13.1 Mt), Russia (+8.0% to 6.2 Mt) and the US (+11.0% to 6.6 Mt). By contrast Brazilian steel production continued to fall, dropping by 12.7% in December to 2.1 Mt and there was a small decline in South Korean output (-0.2% to 5.9 Mt).