Global production of crude steel – ingots, semi-finished products (billets, blooms, slabs), and liquid steel for castings – ticked up just 0.5% in the year 2020, to 1,878 million metric tonnes (Mt), according to the World Steel Association’s 2021 World Steel report today. The 0.5% gain came in two slices: China boosted production and gained a chunk of market share; the rest of the world lost production and market share.
Since 1995, there have been only three periods when annual crude steel production fell:
The Asian Financial Crisis in 1998 (-2.7%); the Global Financial Crisis in 2009 (-7.8%); and in 2015 (-3.0%), when China made a short-lived effort to get a grip on the money-losing overproduction at its steel makers that are supported and often controlled by various government entities.
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