World crude steel production decreases by 1.2% in 2008

Technorati Tags: Baltic Dry Index,Baltic Dry Indices,Ship Chartering,Shipchartering,Voyage Fixtures,Time Charter Fixtures,Panamax,Capesize,Handymax,Handysize,Supramax,Dry Cargo Fixtures,Bulk Cargo Fixtures,Baltic Exchange,Freight Review,Maritime Baltic Index,TNT Freight Review,Steel,Crude Steel,China Steel,India Crude Steel

World crude steel production reached 1,329.7 million tons for the year of 2008. This is a decrease by 1.2% YoY. 2008 is the second consecutive year that world steel production has been over 1,300 million tonnes.
Steel production declined in nearly all the major steel producing countries and regions including the EU, North America, South America and the CIS in 2008. However, Asia, in particular China, and the Middle East showed positive growth in 2008. Worldwide steel production has shown an acceleration of negative growth from September to 2008 year end. World crude steel output for December 2008 recorded a decrease by 24.3% compared to 2007.
China became the first country ever to produce more than 500 million tonnes in one year. China’s crude steel production in 2008 reached 502 million tonnes, an increase of 2.6% on 2007. Production volume in China has more than doubled within five years, from 222 million tonnes in 2002. China’s share of world steel production continued to grow in 2008 producing 38% of world total crude steel.
Asia produced 770 million tonnes of crude steel in 2008, 58% of world total steel production, 1.9% growth over 2007. South Korea and India recorded increases of 3.8% and 3.7% respectively. Japan produced 118 million tonnes in 2008 down by 1.2% YoY.
The EU 27 produced 199 million tonnes of crude steel in 2008 recording a decrease of -5.3% compared to 2007. Major steel producing countries including Germany, Italy and France recorded reductions.
In 2008, steel production in North America also down by 5.5% over 2007. The US produced 91 million tonnes of crude steel down by 6.8%.
Overall, the CIS showed a decrease of -8.1% in 2008. Russia produced 69 million tonnes of crude steel, a -5.4% reduction over 2007 while Ukraine recorded a decrease of -13.1% with year end figures of 37 million tonnes.
(Source worldsteel)