Steel output in Turkey fell 10.4 percent in May
The Brussels-based World Steel Association (Worldsteel) announced crude steel production data for May.
Consequently, global crude steel production fell 5.1 percent to 161.6 million tonnes last month, compared with the same period in 2022.
Production in China, the world’s largest steel producer, was estimated to have fallen 7.3 percent to 90.1 million tonnes in the said period.
Japan’s production fell 5.2 percent to 7.6 million tons, and US production fell 2.3 percent to 6.9 million tons.
Germany’s output rose 0.2 percent to 3.1 million tonnes.
HIGHEST DECLINE IN Türkiye
Turkey’s crude steel output decreased 10.4 percent in May compared to the same period a year earlier and dropped to 2.9 million tonnes.
In the said period, steel production is estimated to have risen 8.8 percent to 6.8 million tons in Russia and to 3.3 million tons with an 8.8 percent increase in Iran.
Global crude steel production decreased 1.2 percent to 786 million tons in January-May 2023 compared to the same period last year.
The World Steel Association expects global steel demand to rise 1.7% in 2024, following an expected 2.3% increase in consumption this year due to a recovery in manufacturing activities. (AA)
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
