Spain increases its steel production in February

Compared to February 2022, Spanish steelmakers reduced their steel production by 6% in February 2023.

In January-February 2023, Spanish steelmakers produced 1.66 million tons of steel, which is 16.2 percent less than in the same period of 2022.

In 2022, Spain reduced its steel production by 19.2% compared to 2021 to 11.46 million tons. In December, steelmakers in the country produced 686,000 tons of steel, which is 19.8 percent less than the previous month.

Overall, steel production in the European Union countries decreased by 12.6 percent to 10.5 million tons in February 2023 compared to February last year. In January-February 2023, 20.7 million tons of steel were produced in the EU, which is 14.3 percent less annually.

In the second half of 2022, European steelmakers drastically reduced their production capacities due to increasing electricity tariffs and unfavorable market conditions. At the same time, the European market was flooded with imported steel products, which attracted consumers at lower prices than domestic steel.