World steel production hits monthly record

Thursday, Apr21, 2011 |Reuters

LONDON - Global crude steel production hit a new monthly record in March, data showed, driven by growth in Asia even while Japan's production slipped after earthquakes and a tsunami hit.

Global crude steel production was at 129.3 million tonnes in March, up seven per cent from March 2010, according to data from the World Steel Association (Worldsteel).

Asia led the upward trend, even though output in Japan, the world's second-largest steel producer, fell 2.7 per cent to 9.1 million tonnes after last month's disaster.

The natural disaster caused closures and delays at various factories and affected heavily the automotive and manufacturing sectors, major consumers of Japanese steel.

JFE Steel Corp, the world's fifth-biggest steelmaker, said on Tuesday it faced rising inventories due to weak demand from domestic manufacturers and might need to cut production ahead.

Growth in the rest of the region, however, more than offset the decline in Japan to reach 237.3 million tonnes in March.

Output in top producer China hit a new record at 59.4 million tonnes, up nine per cent from March last year.

India's growth was also steep, up 8.6 per cent to 6.3 million tonnes.

Crude steel production in South Korea and Taiwan rose by whopping rates of 14 per cent and 13 per cent, respectively, from March last year but from a lower base.

Growth in the developed economies was mixed.

While crude steel production in the EU rose four per cent to 16.2 million tonnes, output in the United States fell 0.2 per cent to 7.1 million. (sourced Reuters)