Loading
The steel industry is at the center of a complex global scenario, amid variations in world production and a growing risk of crisis in Europe.
Recent data released by the World Steel Association (Worldsteel) and statements from the president of ArcelorMittal France, Alain Le Grix de la Salle, provide a comprehensive picture of the current dynamics and challenges facing the industry.
Global Production: Regional Trends and Contrasts
Last December, global crude steel production increased by 5.6 percent annually to 144.5 million tons. However, the overall figure for 2024 shows a decline of 0.8 percent, with total production at 1.88 billion tons.
This trend reflects significant differences among regions of the world.
World Crude Steel Production – Powered by Commodity Evolution
In Asia, production showed a marked 9 percent increase in December, led by China, which grew 11.8 percent to 76 million tons.
China Crude Steel Production – Powered by Commodity Evolution
India also saw a strong increase (+9.5 percent), while Japan and South Korea saw declines of 1.1 percent and 3.2 percent, respectively.
India Crude Steel Production – Powered by Commodity Evolution
In Europe, EU-27 countries increased output by 7.2 percent, with Germany up 4.1 percent. In contrast, Turkey suffered a 7.6 percent decline, while Russia and the CIS recorded contractions of 8.6 percent and 6.8 percent, respectively.
EU-27 Crude Steel Production – Powered by Commodity Evolution
Mixed situations also occurred on the American continent: North America saw a 4.3 percent decline in steel production, with the United States down 2.4 percent. In South America, Brazil showed a slight increase of 1.8 percent, despite an overall decline of 3.8 percent in the region.
U.S. Crude Steel Production – Powered by Commodity Evolution
Finally, Africa and the Middle East showed opposite trends: while Africa declined by 1 percent, the Middle East increased production by 4.5 percent.
2024 Global Crude Steel Production
| Rank | Country | 2024 | 2023 | Change % 2024/2023 |
| 1 | China | 1,005.1 | 1,022.5 | -1.7 |
| 2 | India | 149.6 | 140.8 | 6.3 |
| 3 | Japan | 84.0 | 87.0 | -3.4 |
| 4 | United States | 79.5 | 81.4 | -2.4 |
| 5 | Russia | 70.7 | 76.0 | -7.0 |
| 6 | South Korea | 63.5 | 66.7 | -4.7 |
| 7 | Germany | 37.2 | 35.4 | 5.2 |
| 8 | Türkiye | 36.9 | 33.7 | 9.4 |
| 9 | Brazil | 33.7 | 32.0 | 5.3 |
| 10 | Iran | 31.0 | 30.7 | 0.8 |
| 11 | Vietnam | 22.1 | 19.2 | 14.9 |
| 12 | Italy | 20.0 | 21.1 | -5.0 |
| 13 | Taiwan, China | 19.1 | 19.1 | -0.3 |
| 14 | Indonesia | 17.0 | 16.8 | 0.9 |
| 15 | Mexico | 13.7 | 16.4 | -16.5 |
| 16 | Canada | 12.2 | 12.2 | 0.1 |
| 17 | Spain | 11.8 | 11.4 | 3.3 |
| 18 | France | 10.8 | 10.0 | 7.6 |
| 19 | Egypt | 10.7 | 10.4 | 3.6 |
| 20 | Saudi Arabia | 9.6 | 9.9 | -3.4 |
| 21 | Malaysia | 8.8 | 7.5 | 16.9 |
| 22 | Ukraine | 7.6 | 6.2 | 21.6 |
| 23 | Austria | 7.1 | 7.1 | 0.0 |
| 24 | Belgium | 7.1 | 5.9 | 21.1 |
| 25 | Poland | 7.1 | 6.4 | 10.1 |
| 26 | Netherlands | 6.4 | 4.7 | 36.1 |
| 27 | Thailand | 4.9 | 5.0 | -1.0 |
| 28 | Australia | 4.8 | 5.5 | -11.9 |
| 29 | South Africa | 4.7 | 5.0 | -4.8 |
| 30 | Algeria | 4.5 | 4.4 | 2.2 |
| 31 | Bangladesh | 4.5 | 5.0 | -10.0 |
| 32 | Kazakhstan | 4.2 | 3.9 | 6.5 |
| 33 | Pakistan | 4.1 | 5.3 | -23.2 |
| 34 | Sweden | 4.0 | 4.3 | -5.5 |
| 35 | United Kingdom | 4.0 | 5.6 | -29.0 |
| 36 | Slovakia | 3.9 | 4.4 | -11.7 |
| 37 | Argentina | 3.9 | 4.9 | -21.6 |
| 38 | United Arab Emirates | 3.7 | 3.8 | -1.4 |
| 39 | Finland | 3.7 | 3.8 | -3.8 |
| 40 | Oman | 3.0 | 2.9 | 4.5 |
| – | Others | 42.5 | 43.6 | -2.5 |
| – | World | 1,882.6 | 1,897.9 | – 0.8 |
Europe and the Challenge of Competitiveness
Despite some positive signs on the production front, the European steel industry is caught in an increasingly critical grip. Alain Le Grix de la Salle, president of ArcelorMittal France, issued a stern warning to policymakers, pointing out that global overcapacity is a major threat to the European industry.
With annual overproduction estimated at 550 to 600 million tons, or three to four times European production, the global steel market is saturated, penalizing producers on the continent.
According to Le Grix de la Salle, the industry is not opposed to imports, but they must be regulated to avoid distortions in the market. Currently, cheap imports, especially from Asia, are putting European producers in a difficult position, as they struggle to compete with countries that apply less stringent environmental and wage standards.
This phenomenon puts the sustainability of European steel mills at risk, with serious consequences for employment and investment.
The Comparison with the United States and the Need for Protectionist Policies
Le Grix de la Salle highlighted the gap between the policies adopted by the United States and those of the European Union.
While the United States has implemented protectionist measures to protect its industrial sectors, the EU has been criticized for its inadequacy in protecting the steel industry. The lack of effective action by Brussels is likely to further exacerbate the crisis.
The European Steel Association (EUROFER) had also issued a similar appeal, urging decisive action to address overcapacity and trade dumping. According to EUROFER, without timely action, many European steel mills risk closing within the year, leading to significant job losses and the deindustrialization of entire areas Read more
The Future of Industry: Decarbonization and Investment at Risk
The crisis is also slowing investment in the steel industry’s green transition. ArcelorMittal has temporarily suspended its decarbonization projects in France and Spain, citing difficulties related to the market environment.
This decision is of particular concern considering the importance of the green transition for the future of the industry and for meeting European climate goals.
Thyssenkrupp Steel Europe also announced drastic measures, including production reductions and job cuts, to cope with increasing competitive pressure. Indeed, the industry cannot sustain a market in which imported steel is sold at prices below those of European production.
Conclusions
The steel industry is at a crucial juncture. On the one hand, global production data show mixed regional dynamics, with some countries driving growth and others struggling to maintain competitiveness.
On the other, Europe is facing structural challenges that threaten the future of the sector. Decisive action is needed from the European Union, not only to regulate imports and ensure a level playing field, but also to support investment in decarbonization and protect jobs.
Without adequate measures, the risk is to lose a strategic sector for the economy and industrial autonomy of the continent.