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Steel is one of the most widely traded commodities globally. It emerged as an alternative to standard traditional iron due to its higher flexibility and durability.
Data from the United States Geological Survey (USGS) shows that global raw steel production totaled 1.9 billion metric tons in 2021. This represents a 6.14% increase from the previous year's 1.79 billion metric tons.
The world's largest producer of raw steel is China, with a production volume of 1.1 billion metric tons, accounting for 57.9% of total global raw steel production. India follows in second place with a production of 120 million metric tons.
Japan's raw steel production is reported at 92 million metric tons. The United States produced 87 million metric tons, while South Korea and Russia each produced 73 million metric tons.
Global steel consumption is projected to increase by 2.2% in 2022, in line with the global economic recovery marked by the resurgence of the manufacturing industry in developed countries.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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