Decline in Stainless Steel Production Slows in Second Quarter
09/16/2008 - Worldwide production of crude stainless steel decreased 1.8% in the first half of 2008 as compared to the same period of 2007, according to preliminary figures released by the International Stainless Steel Forum.
Worldwide production of crude stainless steel decreased 1.8% in the first half of 2008 as compared to the same period of 2007, according to preliminary figures released by the International Stainless Steel Forum (ISSF). Although the decrease reached 2.9% in the first quarter, it slowed to just 0.6% in the second.
All major regions have shown lower production volumes in the first half of this year.
In the Asian region, stainless steel production declined by 1.5% to 8.3 million tonnes in the first half of 2008. All stainless steel producing countries other than China reduced their production by between 6 and 13% in the first half. Chinais the only country in the region to increase stainless steel production, a 10% increase to a total of 3.9 million tonnes in the first six months of this year.
The second-largest producing area, Western Europe/Africa reported a 0.8% decrease in stainless steel production during the first six months of 2008. Total production for the first half of 2008 was 4.9 million tonnes.
In The Americas, stainless crude steel production declined by 6.4% to 1.4 million tonnes in the first six months of 2008. Production in the Eastern Europe region showed a decrease of 4.3%, or 0.2 million tonnes on a low level of volume.
A quarter-by-quarter analysis shows a 2.9% decline in production in the first quarter of 2008 followed by a more moderate 0.6% decline in the second quarter. The comparisons are made to the first and second quarters of 2007, both of which were historically strong periods for production.
Total world stainless crude steel production was 7.4 million tonnes in both the first and second quarters of 2008.
The International Stainless Steel Forum (ISSF), a non-profit research organization, serves as the world forum on various aspects of the international stainless steel industry. Based in Brussels, Belgium, it was founded in 1996.
