According to GMK, Global Stainless Steel Production Grew by 4.6% Year-on-Year in 2023 Global stainless steel production in 2023 increased by 4.6% compared to 2022, reaching 58.4 million tons, according to data from the World Stainless Association. The key driver of this growth was China, where stainless steel production rose by 12.6% year-on-year to 36.68 million tons. In contrast, stainless steel production declined in other major regions:
Europe, including Ukraine, saw a 6.2% year-on-year drop to 5.9 million tons.
The United States reduced production by 9.6% to 1.82 million tons.
Asia, excluding China and South Korea, decreased production by 7.2% to 6.88 million tons.
Other countries, including Brazil, South Africa, Indonesia, South Korea, and Russia, saw a 5.2% year-on-year decline to 7.16 million tons.
However, the fourth quarter of 2023 showed more positive results, with global stainless steel production totaling 13.86 million tons, up 8.5% quarter-on-quarter. This included a 28.6% quarterly increase in Europe to 1.5 million tons, and a 17.8% rise in China to 8.67 million tons. The US was the only major region to see a decline, down 14.2% quarter-on-quarter to 429,000 tons. In 2022, global stainless steel production had fallen by 5.2% compared to 2021, to 55.3 million tons. The industry was expected to see 4% year-on-year growth in 2023, reaching 58.6 million tons. However, the actual 4.6% increase in 2023 exceeded this forecast. Looking ahead, the MEPS industry group predicts that global stainless steel production will grow further to 60 million tons by 2023.
