World Steel May Production Slumps Despite Record China Output
Global crude steel production took a tumble in May as disruptions associated with the coronavirus pandemic hurt output across the world and crippled demand in major steel-consuming sectors. A surge in production from China to a new record high was more than offset by declines across other major producers.
Per the latest World Steel Association (“WSA”) report, crude steel production for 64 reporting nations plummeted 8.7% year over year to 148.8 million tons (Mt) in May. Notably, output declined in every region during the reported month.
China Churns Out Record Production
Crude steel production from China — the world’s biggest steel producer — shot up in May to an all-time high on an uptick in demand from construction and manufacturing sectors as the country continues its gradual recovery from the fallout of the pandemic. Per the WSA, production in China, which now accounts for more than 60% of the global