Global steel
production in August, 2011 was at 125.042 MT in which China’s contribution was
no less than 59.691 MT. But, China’s production came down to 58.703 MT in
August, 2012. Chinese steel production has dipped by 1.7 % in August which
pulled down the global output by one per cent to 123.733 million tonnes (MT).
India’s steel
production for the month, however, remained in the positive at 6.360 MT,
showing a growth of 2.6 % over 6.199 MT in August last year, the World Steel
Association (WSA) data has revealed.
Reasons for dip in
production in China, which generally produces half of the worlds steel, could
be attributed to its slowing economy. Moreover, sharply falling steel prices
and a string of dismal earnings have triggered
widespread output cuts.
Baoshan
Iron & Steel (Baosteel), China's biggest listed steelmaker, has suspended production at
a loss-making plant in Shanghai, as reported earlier. The
closure mirrors the troubles of China's steel industry, the worlds largest in
terms of production.
Production of steel in
the European Union has also declined by 4.4 % to 12.196 MT from 12.761 MT in
August, 2011.
Recording a growth of
1.8 %, Russia’s output was 5.8 MT while Ukraine clocked a 13 % decline at 2.7
MT.
Steel production in
the US saw a growth of 1.2 % to 7.5 MT. Brazil produced 2.8 MT steel, down by
6.2 per cent.
# Figures in million
tonnes (MT)
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