According to the non-profit organization World Stainless Association, global stainless steel production increased by 7% in 2024 compared to the previous year, reaching 62.621 million tons. This indicates stable growth and recovery in the metallurgy sector, which has been observed for several consecutive years.
This is reported by Бізнес • Медіа
Leaders in Global Production and Regional Trends
China remains the largest producer of stainless steel, producing 39.44 million tons of metal in 2024, which is a 7.5% increase from 2023. With this figure, the country maintains its leadership in the industry worldwide. At the same time, significant production growth was recorded in other countries, including Brazil, South Africa, Indonesia, and Russia — with a 9.2% increase compared to last year, totaling 7.82 million tons.
The European region, including Ukraine, increased stainless steel production by 1.5% — to 6.09 million tons, although a decline of 7.4% was observed in the fourth quarter. The United States increased metal production by 6.9% over the year — to 1.95 million tons, but an 8.5% decline was recorded in the fourth quarter.
Quarterly Performance and Outlook
In the last quarter of 2024, global stainless steel production reached 16.45 million tons, which is a 4.9% increase from the previous quarter. The highest growth was demonstrated by Asian countries, particularly China and other countries in the region, which showed significant annual and quarterly increases. On the other hand, Europe and the United States experienced significant production reductions compared to last year.
Previously, in 2023, global stainless steel production increased by 4.6%, totaling 58.4 million tons. Production in Europe, including Ukraine, decreased by 6.2% to 5.9 million tons, while in the United States, the figure dropped by nearly 10% — to 1.82 million tons. In contrast, China increased production by 12.6%, producing 36.68 million tons of metal.