After making a smart recovery from the pandemic in 2021 when production grew 3.6% at 1,912 million tonnes, the global steel industry slumped by 4.3% at 1,831.5 mt last year.
The global steel production in November was at 145.5 MT, 3.3 per cent up over same month in 2022. The world output rose marginally by 0.5 per cent to 1,715.1 MT in January-November 2023, worldsteel said.
It forecasts that global steel demand will grow 1.8 per cent in 2023 and reach 1,814.5 MT after having contracted by 3.3 per cent in 2022. In 2024, the demand will see an increase of 1.9 per cent to 1,849.1 MT, the World Steel Association (worldsteel) said.