June is Another Good Month for Steel

Crude steel production for the 66 countries reporting to the International Iron and Steel Institute (IISI) totaled 5.9 percent higher than for June of last year. Year-to-date, total world crude steel production totaled nearly 700 million metric tons, in the first half of 2008, representing a 5.7 percent increase over the same period in 2007.

The June 2008 figure of 118.8 million metric tons outpaced last June’s production by more than 6 million tons. However, the total was more than 1 million tons lower than for May of 2008, demonstrating a slight seasonal slowdown.

In the first six months of 2008, China produced 263 million metric tons of crude steel, an increase of 9.6 percent compared to the same period in 2007. Overall, Asia produced 68 million metric tons of steel in June 2008, representing an 8.7 percent increase over what was produced last June.

The production pace in the EU was 1.8 percent higher compared to June of last year. But steelmakers in the seven countries of Eastern and Southern Europe outside the EU showed an increase of 15.5 percent in production compared to June 2007. Turkey’s crude steel production of 2.5 million metric tons was 17.5 percent higher than the same month last year. Year-to-date, Turkey has produced 10.6 percent more steel in the first six months of 2008 compared to the first half of last year.

In North America, steelmakers in the United States produced nearly 600,000 metric tons less steel in June compared to May, but the figure nearly matched June of last year. Year-to-date, American steelmakers have produced steel at a 4.7 percent higher volume in 2008 compared to 2007.