What is the reason for the strong growth in steel production?

The main reason for the increase is related to the rise in steel prices and the fight against inefficient and polluting manufacturing in China.

According to the World Steel Association, in July this year, the world produced 143.2 million tons, an increase of 6.3 percent over a year earlier. In China alone, production increased by one-tenth.

However, in Russia and Ukraine, production is declining: in July by 8 percent and 12.9 percent, respectively, to 5.585 million tons and 1.18 million tons, and from the beginning of the year by 0.5 percent and 15 percent to 40.925 million tons and 12.314 million tons.

In the production of the European Union, the increase was 3.9 percent, rising to 13.55 million tons. The same growth was recorded during 7 months of this year. Production amounted to 99.589 million tons.

In the United States, production in July rose to 7.071 million tons, and during seven months of this year increased to 47.748 million tons. This translates into growth of 5.6 percent and 2.1 percent, respectively.

China produced 74.021 million tons in July, which is 10.3 percent more than a year earlier. On a seven-month scale, growth is 5.1 percent and production is 491.553 million tonnes. India increased production by 3.5 percent to 8.362 million tons in July and 5.4 percent to 58.0127 million tons from the beginning of the year. In South Korea, production during these periods was 6.159 million tonnes and 40.868 million tonnes, respectively, an increase of 2.3 percent and 3.5 percent.