Steel Figures Point to Global Slowdown

World crude steel production for the 66 countries reporting to the World Steel Association (www.worldsteel.org) was 19 percent lower than production in November of 2007.

Year to date, total world crude steel production has been 1.224 billion metric tons in the first 11 months. This has meant 2008 is clinging to a narrow 0.9 percent increase over production in 2007.

China’s crude steel production in November 2008 was 35.2 million metric tons, a decrease of 12.4 percent compared to November of 2007. Overall, Asia produced 11.4 percent less crude steel in November of 2008 compared to the same month in 2007.

In the EU, German production was down 18.5 percent for November compared to year-ago levels, and in Russia, steelmakers produced a staggering 36.5 percent less crude steel compared to the year-ago figure. Even more sobering, 54.9 percent less steel was produced in Ukraine in November of 2008 compared to the same month in 2007, while Turkey reported a 15.4 percent drop.

Conditions in the United States were not any healthier, with a 38.4 percent decrease in production in November of 2008 compared to November 2007. Canada’s mills showed a contrary streak, producing 15.2 percent more steel in November 2008 compared to the year before.

The global figure for November 2008 compared to the previous month showed a 10 million ton drop, checking in at 89 million metric tons compared to 99 million in October of 2008.