India’s output increases 4% as global steel production declines 5% in May
According to the World Steel Association (worldsteel), India’s crude steel production increased by 4.1% to 11.2 MT in May 2023, despite a 5.1% decline in worldwide output to 161.6 MT. China continued to be the world’s top steel producer in May with 90.1 MT of crude steel output, despite a 7.3 percent year-over-year (y-o-y) decline.
According to the group’s most recent report, India produced 11.2 MT of crude steel in May, an increase of 4.1% from 2022. At 7.6 MT, Japan’s production was likewise 5.2% lower year over year. 6.9 MT of steel were manufactured in the United States, a 2.3% yearly decline.
According to estimates, Russia produced 6.8 MT, an 8.8% increase. South Korea saw a little decrease of 0.1% to 5.8 MT. In May 2023, Germany produced 3.2 MT, Brazil produced 2.8 MT, Turkey produced 2.9 MT, and Iran produced 3.3 MT.
Brussels-based One of the biggest business organizations in the world, the World Steel Association has members in all the main nations that produce steel. In addition to national and local steel industry groups, it also represents steel research organizations. Members account for over 85% of the world’s steel output.
