The World Steel Association (Worldsteel) announced global steel production figures for July. Accordingly, crude steel production decreased by 4.7% in July 2024 compared to the same month of the previous year to 152.8 million tons.
In the January-July period, crude steel production amounted to 1.107 billion tons, a slight decline of 0.7% compared to the same period of the previous year. The decline underscored the ongoing challenges in the sector amid fluctuating demand and production issues.
Iran increased its steel output by 2.9% year-on-year to 18.4 million tons in the first seven months of 2024, but suffered a significant setback in July. There was a sharp 18.7% drop in output in July to 1.8 million tons. This decline was largely attributed to power outages exacerbated by the intense summer heat.
The production decline in July affected Iran's global ranking. Iran dropped to 10th place in the world ranking, falling behind Brazil, which ranked 9th. Brazil, Turkey and Germany produced 3.1 million tons of steel each during this period, reinforcing their strong positions in the global market.
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