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U.S. steel production fell 10.9% year over year to 6.3 million tons in February, according to the World Steel Association.
The Brussels, Belgium-based steel association reported global steel output rose 4.1% to 150.2 million tons year over year in February.
China again led the world in steel production by a wide margin, single-handedly accounting for more than half of the world s steel production, and making more nine times as much steel as any other country. China â which has a state-run steel industry not subject to the same market forces as everyone else â produced 83 million tons of steel in February or 10.9% more as compared to February 2020.
Source: mediaphotos/E+ via Getty Images
Crafting greener steel is crucial to achieving the decarbonization necessary to meet global targets aligned with the Paris Agreement on climate change, but many challenges lie ahead.
Steel is an emissions-intensive material used in a broad array of products. Producers are under rising pressure to lower their environmental footprints as investors increasingly focus on environmental, social and governance issues.
Major steel companies worldwide have committed to net-zero emissions by 2050, including Luxembourg-based steelmaker ArcelorMittal, Japanese producer Nippon Steel Corp., South Korean company POSCO, and China Baowu Steel Group Corp. Ltd.
World Steel Association data from 2019 shows that ArcelorMittal is the largest steel producer in the world. It also produces the most greenhouse gas emissions in the sector, according to data from Trucost.
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