In a significant development, Austrian steelmakers have increased their steel production by 19.1% in March 2024 compared to the previous month, reaching an output of 691,000 tons.

This impressive growth has propelled Austria to the 21st position in the global ranking of steel-producing countries, as per the data from the WorldSteel Association.

Despite the strong monthly performance, Austrian steel production saw a 0.7% decrease compared to March 2023.

However, in the first quarter of 2024, the country managed to increase its steel output by 3.7% compared to the same period in the previous year, reaching 1.89 million tons.

The European Union as a whole experienced a 1.4% decline in steel production during the first three months of 2024 compared to the same period in 2023, reaching 33 million tons. Globally, steel production for the first quarter of 2024 amounted to 469.1 million tons, representing a 0.5% year-over-year increase.

In 2023, Austria reduced steel production by 5% compared to 2022, reaching 7.13 million tons, with an average monthly output of 594,400 tons.

The European steel industry has been facing challenging market conditions since the fall of 2022, with high production costs and weak domestic demand amid a surge in cheaper imported products. Many companies have been forced to limit their production capacity to balance supply and demand and stabilize product prices.

Austria is home to two major Voestalpine steel plants, Voestalpine Stahl Linz and Voestalpine Stahl Donawitz, with a combined annual capacity of 7.57 million tons. In 2023, the country's capacity utilization was 94.2%