According to the "Steel Sector Outlook - 2023" report prepared by KPMG Turkey, global crude steel production was recorded at 1.9 billion tonnes in 2022, down 4 per cent on an annual basis. The reasons for the fall in 2022 are the global impact of the Russia-Ukraine war, the fall in global demand, fears that the US and the EU will enter recession, and the EU's reduction in production due to the shortfall in Russian gas supplies. In 2022, the decline in China's steel production was limited to 1.7%. While crude steel production in Germany, Japan and Russia falls by 8.4%, 7.4% and 7.2% respectively, steel production in South Korea falls by 6.5%, in the US by 6.1% and in Brazil by 5.8%. On the other hand, steel production in Iran and India, which are among the world's largest steel producers in 2022, increased by 8 per cent and 5.8 per cent respectively.
In Turkey, steel production fell by 13 per cent to 35.1 million tonnes in 2022. In 2021, it will reach the highest production level in its history with a total of 40 million tonnes. On the other hand, with its underground resources, access to raw materials and favourable investment environment, India, with a long-term production target of 300 million tonnes, is expected to be a major competitor for Turkish producers in both the domestic and Asian markets in the coming years.
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