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China remains the top producer with 39.4 million tons
Global stainless steel production in 2024 saw a 7% year-on-year increase, reaching a total of 62.621 million tons, according to data from the World Stainless Association, a non-profit organization.
In Europe, including Ukraine, stainless steel production grew by 1.5% compared to 2023, amounting to 6.09 million tons. The United States saw a 6.9% increase in output over the same period, producing 1.95 million tons.
In Asia, excluding China and South Korea, stainless steel production rose by 6.4% year-on-year, totaling 7.32 million tons. China alone produced 39.44 million tons, a 7.5% increase compared to the previous year.
Other countries, including Brazil, South Africa, Indonesia, South Korea, and Russia, collectively boosted their stainless steel production by 9.2% year-on-year, reaching 7.82 million tons.
Quarterly Production Growth
In the fourth quarter of 2024, global stainless steel production increased by 4.9% quarter-on-quarter, reaching 16.45 million tons.
Europe experienced a decline, with production falling by 7.4% to 1.39 million tons, while the United States saw a decrease of 8.5%, producing 441 thousand tons. Conversely, China increased its output by 8.5% to 10.74 million tons, while Asia (excluding China) also saw a rise of 8.5% to 1.93 million tons. Other countries increased production by 3.7% to 1.95 million tons.
The growth in the fourth quarter was primarily driven by Asian countries, particularly China, while other regions, including Europe and the United States, experienced declines.
Year-on-Year Comparison: 2023
Global stainless steel production in 2023 rose by 4.6% compared to 2022, totaling 58.4 million tons. Europe, including Ukraine, saw a 6.2% decrease in production, down to 5.9 million tons. The United States also faced a decline, with a 9.6% drop in production, totaling 1.82 million tons. In contrast, China saw a 12.6% increase in production, reaching 36.68 million tons.
