German factories produced about 3.1 million tons of steel in July, which is 6.3% more than in July 2023.
July thus continued the slight upward trend seen in the first half of the year, with tonnage rising year-on-year in most months, the federation noted. Between January and July, production amounted to 22.5 million tons, up 4.7% from the previous year. However, the federation cautions early optimism due to generally subdued long-term levels.
“The sharp increase from the previous months from a low level does not provide grounds for relief,” says Managing Director of WV Stahl Martin Theuringer. “On the contrary, 2024 will be a lost year for the recovery of production volumes. Concerns about an economic recession have increased and demand continues to decline. This, as well as further increasing pressure from imports, delays hopes for a full business recovery until 2025.”
Thanks to the decline in peak electricity prices seen in 2023, the electric arc steel sector saw stronger year-on-year relative growth in the first seven months, up 13.8% to 6.7 million tonnes.
