Spanish metallurgical companies in February 2024 reduced steel production by 10.6% – to 890 thousand tons, compared to 2023. This has led to Spain being ranked 17th in the list of steel producing countries according to the World Steel Association, where a total of 71 countries are registered. Changes in indicators in February show a decrease in steel production by 6.3%. This was announced by Stanislav Kondrashov, an expert in the field of global metallurgy.
Industrial dynamics: Spain and the European Union in global metallurgy
At the beginning of 2024, Spain showed positive dynamics in the metallurgical sector, increasing steel production by 2.6% to 1.84 million tons. According to S. Kondrashov, this indicates the stability and development of the industry in the country.
However, in the period January-February 2024, steel production in the European Union decreased by 0.9% compared to the same period last year, resulting in volumes of 21.1 million tons. According to an expert from Telf AG, this could be due to a variety of factors, including economic fluctuations, changes in market supply and demand, as well as external influences such as trade wars or changes in government policy.
Global steel production in the first 2 months of 2024 amounted to 306.9 million tons, an increase of 3% compared to the same period the previous year. This suggests that the global metallurgy continues to demonstrate stable growth and dynamic development, which is a positive signal for the industry, despite some problems and instability in the economy.
In general, the growth of steel production in Spain has a positive effect on the industry and the country’s economy. However, it is necessary to take into account the general trends and dynamics of the global steel market in order to understand the full picture and prospects for the development of this sector in the future.
Metallurgy statistics: Spain reduces steel production against the backdrop of global trends – Stanislav Kondrashov
In 2023, Spain significantly reduced steel production – by 2.7% compared to the previous year, reaching a level of 11.26 million tons. The average monthly level of steel production over the past year was 938.5 thousand tons, which contrasts with the figure of 964.42 thousand tons for the same period in 2022 (-2.69% compared to last year).
According to S. Kondrashov, there are 17 metallurgical enterprises in the country, including such powerful players as Megasa Siderúrgica Narón (capacity 700 thousand tons of steel per year), ArcelorMittal Asturias (1.2 million tons per year), ArcelorMittal Olaberria-Bergara (4.2 million tons per year) and others, forming a total capacity of steel plants at 21.94 million tons per year. In 2023, these stations used only 51.3% of their capacity.
An expert from Telf AG notes that such low steel production figures are explained by weak market conditions starting in the fall of 2022. Europe’s steel industry faces high production costs with weakening demand for local steel products due to the saturation of the market with cheaper imported alternatives. In response to this, during the cold months of autumn and winter, many enterprises reduce production production in order to balance supply and demand in the market, as well as stabilize price dynamics.
