NEWS

Global Steel Production Sees Increase

Global crude steel production rose by 2.9% year-on-year to 166.1 million metric tons (mmt) in March, according to the World Steel Association. The increase was largely driven by a 17.6% rise in China's steel output, which reached 92.8 mmt in March, following the Lunar New Year holiday. China's steel production also increased by 4.6% compared to March 2024. However, the OECD's Steel Committee has expressed concerns about severe overcapacity in the global steel sector, largely attributed to China's significant subsidization of its steel industry. The committee warns that this will worsen excess capacity problems and trigger further trade disruptions for steel committee members. China's dominance in global steel production, accounting for over half of the world's annual total, has raised concerns among producers in other countries.