According to the American Iron and Steel Institute (AISI), there has been a significant decrease in US steel production and shipments as we approach the last quarter of 2024. In October, shipments from US steel mills decreased compared to the previous month and the same period last year to 6.99 million net tons. This shows a decrease of 1.4% on a monthly basis and 4.9% on an annualized basis.
By 2024, steel shipments totaled 72.28 million net tons, a decrease of 3.7% compared to the same period in 2023. Cold-rolled sheet steel production increased by 4%, while hot-rolled steel production decreased by 6%.
According to another data released by AISI, US crude steel production in the week to December 7, 2024 was 1.668 million net tons. Although there was an increase of 1.8% on a weekly basis, there was a decrease of 2.2% on an annual basis. Capacity utilization rate increased by 1.3% on a weekly basis to 75.1%. Since the beginning of the year, however, total crude steel production has decreased by 2.3% y-o-y to 82.185 million short tons.
This decrease in steel production also affected the capacity utilization rates of factories in the sector. By 2024, the capacity utilization rate decreased to 75.7%. The decrease in production was particularly pronounced in the Southern and Great Lakes regions. While 702 thousand net tons were produced in the South region, production in the Great Lakes region reached 553 thousand net tons. The decline in these regions led to a decrease in steel production across the US.
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