Global steel output down from last year

The Brussels-based World Steel Association (Worldsteel) says crude steel production for the 63 countries reporting to it checked in at 142.4 million metric tons this February. That represents a 1 percent decrease compared with February of last year.

China, the world’s largest steel producing nation,, enjoyed a rebound compared with one year ago, with its output this February rising by 5.6 percent. Other nations with year-on-year increases in steel output include Iran (+22 percent) and India (+1 percent).

However, the other seven of the 10 largest steel-producing nations reported declines in February, including the United States (-5.6 percent), Japan (-6.1 percent) and Turkey (-23.1 percent).

In the U.S., recent weeks have shown a stabilization of steel production figures, with the construction and automotive sectors reporting equally stable levels of activity.

Turkey, the largest importer of U.S. ferrous scrap, suffered damaging and deadly earthquakes in February. The nation’s government announced an ambitious rebuilding program that could keep its steel mills busy in the months ahead, provided the government follows through.

Although steel mill output is not soaring globally, a lack of supply flowing into scrap yards in the U.S and other parts of the world has led to an increase in scrap prices in late February and into March of this year.