China Produces Half Of World’s Steel
When it comes to steel production, China is responsible for more than half of the entire world’s output.
The World Steel Association revealed that China’s crude steel production had reached 87.3 million tonnes (Mt) in August 2019. This represents a 9.3 per cent increase from the same month in 2018, and is the highest of any country in the world.
In comparison, Germany produced 3.3 Mt during the same month, while Brazil’s steel production was only 2.5 Mt, France’s was 1.1 Mt, and Italy’s was 0.9 Mt.
Even the US managed to produce 7.5 Mt of crude steel last month, which while representing a growth of 0.3 per cent from the year before, is still significantly lower than China’s levels.
In fact, the country’s production of steel is so great that Mining.com reports it accounts for 56 per cent of the world’s entire steel.
The article stated: “This is due to blast furnaces in the rest of the world being idled.”
It noted that activity in Japan dropped by 7.8 per cent over the year; Italian production of steel fell by 26.7 per cent from August 2018; Brazil’s steel levels declined by 13.4 per cent; and Turkey saw its steel produce reduce by 12.4 per cent.
Of course, the UK’s steel industry has suffered greatly this year following the collapse of British Steel in May.
Since it entered compulsory liquidation, the government launched an inquiry into the industry to look at the “serious challenges facing the future of the steel sector in the UK”, according to Rachel Reeves, chair of the Business Committee.
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