Published by the Statista Research Department, June 28, 2024.
In 2022, approximately 1.9 billion metric tons of crude steel were produced worldwide. This figure represents a 4% decrease compared to the previous year, when 1.96 billion metric tons of steel were produced. Steel is an alloy made by combining iron with other elements.
Overview of Global Steel Production
Steel is one of the most widely used materials in industrial production. With the expansion of the global economy, the demand for steel increases, resulting in a need for greater supply. For instance, over the past 15 years, global production of stainless steel has more than doubled, from 24 million metric tons in 2005 to over 58 million metric tons in 2021. In 2022, the estimated global demand for crude steel was over 1.8 billion tons. This figure is expected to increase on average in 2023, despite global economies being impacted by persistent inflation, China’s economic slowdown, and energy crises stemming from Russia’s invasion of Ukraine. The rise in demand for crude steel is expected to be driven by developing countries. Despite global challenges, these countries are expected to continue growing due to the structural strength of their domestic economies. By 2023, demand for steel in emerging markets is projected to exceed 1.4 million metric tons, with the majority of this demand coming from China and India.
Growth of the Steel Recycling Market
Countries around the world are rapidly increasing their capacity to recycle consumed steel. In 2021, China’s demand for steel scrap reached 226.2 million metric tons, the highest among other leading markets. In the same year, global consumption of steel scrap rose to nearly 503.5 million metric tons, up from 473.2 million metric tons in 2020. In the same year, Turkey imported almost 25 million metric tons of steel scrap. Although steel production from scrap requires less energy than primary production, it remains a highly polluting process in many cases, especially in developing countries where the recycling process is less regulated.
Steel world Review
