Global stainless steel production for January-September 2024 has increased by 5.4% compared to the same period in 2023, totaling 46.09 million tons. According to the World Stainless Association, most regions experienced an increase, with notable growth in Europe, the US, and Asia (excluding China and South Korea). However, there was a slight quarterly decline in the third quarter of 2024. Discover detailed regional production trends and compare with previous years' data.

According to the UN's World Economic Situation and Prospects 2025 report, global economic growth is expected to remain at 2.8% in 2025. Declining inflation and monetary policy easing may provide a boost, but geopolitical conflicts, trade tensions, and high borrowing costs pose risks. The US economy will slow, while Europe is expected to recover moderately. East Asia and South Asia will see faster growth, led by China and India. World trade growth is forecast to slightly decline in 2025.

A study projects that the European steel industry could decarbonize up to 45% of its steel production by 2035 by transitioning to DRI and electric arc furnaces. By 2035, the EU aims to produce 27 million tons of low-carbon and 29.6 million tons of green steel. Plans include building hydrogen-based DRI plants and modernizing energy infrastructure, with Ukraine potentially supporting the green transition by supplying raw materials. The EU has allocated €14.6 billion to decarbonize the steel sector.

In November 2024, Spanish steelmakers reduced steel production by 4.2% m/m to 1.01 million tons, ranking 16th globally. Despite this monthly drop, Spain's steel output increased by 2.4% y/y from January to November 2024, totaling 10.95 million tons. The EU and global steel production trends for the period are also analyzed, with insights into Spain's steel enterprises and their capacities.

The EU construction sector showed a 0.7% month-on-month increase in October 2024, according to preliminary Eurostat data. Slovakia, Austria, Hungary, and Portugal led the growth, while Romania and Poland saw declines. Despite this, annual figures revealed a 0.8% drop compared to October 2023. The construction of engineering structures and buildings exhibited mixed trends. Macroeconomic issues and market uncertainty have impacted the sector since 2023. Eurofer forecasts a slight decline in construction volumes in 2024 but expects positive growth in 2025.

China's steel exports exceeded 101.15 million tons in January-November 2024, a 22.6% increase compared to the same period in 2023. With November exports remaining strong due to tariff concerns, analysts expect total steel exports to surpass the 2015 record of 110 million tons. Iron ore imports also increased by 4.3% in the first 11 months, amid a seasonal slowdown in steel demand. Steel imports to China declined, while steel production stopped its downward trend after two consecutive years of decline. Keep up with the latest steel industry trends and data.

Tosyalı Holding, a leading steel producer, has expanded its annual steelmaking capacity to 15 million tons through investments in Turkey and abroad. The company's CEO Fuat Tosyalı emphasized addressing global economic challenges and strengthening the Turkish economy. Tosyalı is also developing its business in Algeria, Libya, and other countries, focusing on renewable energy, cyclic production, and innovations like V-Green steel. With the commissioning of a second DRI plant in Algeria, Tosyalı strengthens its position in North Africa and the European market. The company remains committed to sustainable development and reducing its carbon footprint.

Thyssenkrupp, a leading German industrial group, has announced plans to cut 11,000 jobs and reduce production capacity in its steel division. The move is part of a comprehensive future industrial strategy aimed at adapting to changed market conditions. The company plans to adjust its production network, optimize administration, and outsource operations to external service providers. The announced job cuts have caused outrage among trade unions, while the company remains committed to environmental transformation and zero-carbon steel production. Thyssenkrupp also noted an impairment loss on the non-current assets of its steel division due to weak demand and Asian competition.

Kazakhstan has announced a six-month ban on the export of steel billets and semi-finished products, effective December 1, 2024. The aim is to stimulate domestic production of higher value-added steel products and strengthen the steel industry. The ban is part of a strategy to increase the steel sector's share in the country's GDP, create jobs, and enhance value-added in the industry. Additionally, Kazakhstan has extended the ban on exports of ferrous and non-ferrous scrap for another six months.

Global mining giants Rio Tinto and BHP express optimism about Chinese ore demand, noting signs of recovery in China's real estate and construction sectors. Rio Tinto highlights a shift towards higher quality ore demand from China's steel sector, while BHP cites Beijing's stimulus package as a catalyst for economic green shoots. Partnerships and joint projects deepen ties between international mining firms and Chinese companies, amid steady iron ore imports and improving steelmakers' margins.