Global steel production edges lower in February

On a 12-month moving average (12MMA) basis, global production has averaged 152.3 million mt per month over the past year (Figure 1). This annual rate is 2% lower than the 12MMA measured a year earlier (155.2 million mt). Annual mill output has generally remained in the 152-154 million mt range over the past two and a half years, similar to pre-pandemic levels. 

Daily global steel output averaged 5.17 million mt per day in February. This is 2% higher than January’s daily rate and in line with levels seen a year earlier. Across 2024, the daily production rate climbed as high as 5.36 million mt per day in June and was as low as 4.67 million mt per day in August and December.

Annualizing February’s daily production rate yields an annual rate of 1.89 billion mt (Figure 2). This rate is marginally higher than late-2024 levels, back in line with those seen one year ago.

Regional breakdown

China is the world’s top steel producer, accounting for 78.9 million mt (55%) of February’s total output (Figure 3). This volume was 10% lower than a seven-month high in January and 3% lower than production levels one year prior. Chinese mill output averaged 83.4 million mt per month across 2024, peaking in May at 92.9 million mt. Over the past three years, Chinese mills have accounted for 50-57% of global steel production.  

Steel output from the rest of the world (ROW) totaled 65.8 million mt in February, 6% lower than the previous month and 4% lower than February 2024. ROW production averaged 69.4 million mt per month throughout 2024, peaking at 72.7 million mt in March.  

Top producing countries

Looking at production levels by country, India held its place as the second largest steelmaker in February, producing 12.7 million mt. Next up was Japan (6.4 million mt), followed by the United States (6.0 million mt), Russia (estimated at 5.8 million mt), South Korea (5.2 million mt), Turkey (2.9 million mt), Brazil (2.7 million mt), Germany (2.7 million mt), and Iran (1.7 million mt).

Comparing the year-to-date (YTD) production figures for each of these countries to the same period last year shows slight shifts in market share. Indian mills have produced 7% more steel in the first two months of 2025 than in the same time frame of 2024. Production in Iran declined by 23% in that same period. Other notable shifts in YTD production were evident in Germany (-13%) , Japan (-8%), Turkey (-4%), and South Korea (-3%).