Global Steel Output Continues to Slow

Carbon steel production totaled 141.8 million metric tons during February, -3.9% less than the tonnage reported for January according to the World Steel Assn., which tracks tonnage across 69 countries. The output drop is typical because typically there are fewer operating hours in February than in January. In 2026, the reported totals included estimated results from three of the 10 largest producer nations.

Still, the global production total for February is just -2.2% below the February 2025 result, which occurred prior to the application of tariffs on U.S. imports of steel.

The tariff program has been stabilizing for U.S. producers, pacing them to 3.0% increase in raw steel production for 2025.

For the first two months of 2026, global steel production totaled 141.8 million metric tons, which is just -1.5% less than for January-February 2025.

Global steel output has been weighed down by weak demand for much of this decade, with slower manufacturing and construction activity in major steel-consuming regions. Regional conflicts and supply-chain disruption have been additional negative factors.

World Steel’s forecast group projects that 2026 global steel consumption will rise only slightly from 2025 consumption to 1.77 billion metric tons.

The World Steel Assn.’s monthly report tracks carbon steel produced in basic-oxygen or electric arc furnaces and cast into semi-finished forms like billets for bar and rod products; slabs for flat products; or blooms, for beam and pipe products. Specialty and stainless steel volumes are not included.

Despite being a shorter month, the February report shows an increase in Chinese steel tonnage from January to February. Chinese raw steel output for February is estimated at 76.1 million metric tons, or 1.1% more than the January estimate but -3.6% less than the February 2025 total. Since the start of 2026, China’s steelmakers have produced an estimated 160.3 million metric tons, or -3.6% less than last year’s two-month total.

In India, raw steel production slipped -11.0% from January to 13.6 million metric tons, though that volume is 7.7% higher than the February 2025 output. Indian year-to-date raw steel production stands at 28.9 million metric tons, +9.7% more than January-February 2025.

U.S. steelmakers produced 6.5 million metric tons during February, -9.2% less than their January output and yet a +5.8% improvement on the February 2025 total. The U.S. industry’s YTD total is 13.7 million metric tons, 4.9% more than last year’s comparable total.

Japan’s February raw steel output was 6.4 million metric tons, -6.2% less than the January total but unchanged from the February 2025 report. The two-month 2026 total for Japan is 13.1 million metric tons, just -0.3% less than January-February 2025.

South Korean steelmakers produced 5.0 million metric tons for February, down -12.0% from January’s total and -10.2% from February 2025. Their two-month YTD output is 10.5 million metric tons, a -9.0% drop from 2025.

The Russian steel industry is estimated to have produced 4.8 million metric tons during February, -14.6% below the figure reported for January and essentially even (+0.02%) with last February’s result. Russia’s year-to-date raw steel output is pegged at 10.4 million metric tons, a +2.5% improvement over last year’s two-month total.