Crude steel production worldwide 2012-2021

In 2021, a total of around 1.958 billion metric tons of crude steel were produced worldwide. Steel is an alloy made by combining iron and other elements.

Global steel production overview

Steel is one of the most widely employed commodities in industrial production. As the global economy expands, the demand for steel increases, thus creating higher supply needs. For instance, over the past 15 years, global stainless steel production more than doubled, up from 24 million metric tons in 2005 to just over 58 million metric tons in 2021. In 2022, the estimated world crude steel demand was equivalent to over 1.8 billion tons. This number is forecasted to increase moderately in 2023, even though global economies have deteriorated by persistent inflation, China's economic slowdown, and, importantly, energy crises brought on by Russia's invasion of Ukraine. The rise in crude steel demand is expected to be driven by developing countries. Despite global challenges, such countries will continue to grow due to the structural strength of their domestic economies. By 2023, the demand for steel in emerging markets is estimated to exceed 1.4 million metric tons, with most of this demand from China and India.

Growing steel recycling market

Countries all around the world are raising the capacity to recycle used steel at an increasing pace. In 2021, the Chinese demand for steel scrap amounted to 226.2 million metric tons, the highest among all other leading markets. That year, global scrap steel usage reached close to 503.5 million metric tons, up from 473.2 million metric tons in 2020. The same year, Turkey accounted for almost 25 million metric tons of steel scrap imports. Although producing steel from scrap takes up less energy than primary production, in most cases, it is still a highly polluting process, especially in developing countries, where the recycling process is less controlled.