Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Global crude steel output increased by 3.7% to 148.8 MT in February 2024, compared to 143.6 MT the previous year. For the January-February period, production in the 71 countries that account for 85% of global steel output was 306.9 MT, up 3%.
According to the World Steel Association, top producer China's output in February grew to 81.2 MT, up 3.5% from the previous year. India recorded an 11.4% increase in production, reaching 11.8 MT.
Turkey increased production by 46.6% to 3.1 MT. Iran's production increased by 14.3%, reaching 2.2 MT. South Korea's production fell 1.5% to 5.1 MT, while Russia's fell 4.4% to 5.7 MT. Japan's output increased by 1.1% at a rate of 7 MT. The United States saw its output dip by 1.2%, while Germany saw its production gain by 4.4% year-on-year, at 6.5 MT and 3.1 MT, respectively. Steel output in Brazil saw a steep rise, going up by 13.1% to 2.8 MT.
Region-wise, Africa saw their output rise steeply by 8.1%. While the EU saw its numbers dip by 3.3%, Europe (Others)‘s production saw its output go north by a huge 32.5%. Asia and Oceania’s steel production grew by 3.9%. The Middle East region’s production went up by 10.8%, while North America’s output decreased by 1.3%. South America’s steel production surged by 10.5% compared with February 2023 figures, while Russia and other CIS nations saw their figures decrease by 2.5%.
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