Uk Steel Production Slumps Despite Global Steel Production Increase

In terms of steel production for those 59 counties involved in the association, total production worked out at 119 million tonnes in February which showed an increase of 1.9% on the same month last year.
Despite the global increase in steel production, the UK produced 562,000 thousand tonnes of steel in February which showed a substantial decrease of 26.4% on the 764,000 tonnes produced at the same point last year.However, in light of this, analysts still highlighted the “positive signs” in other parts of the world.
China’s steel production for February was 55.9 million tonnes which was an increase of 3.3% on February 2011.Out of the European countries, France was the top producer of steel with 1.3 million tonnes, an increase of 9.3% on last year.
Other European countries suffered small decreases in steel production with Spain producing 1.2 million tonnes which was down 14.3% on February 2011. Germany produced 3.6 million tonnes of steel; however this showed a decrease of 3.1% on February 2011.
In terms of global steel capacity utilization this was at 79.7% in February 2012 which showed an increase of 3.1% from January but a decrease of 2.8% from February 2011.
The steel production figures in the US read 7.3 million tonnes of crude steel in February which illustrated an increase of 8.5% on February 2011.Throughout Asia there were mixed results, Japan produced 8.6 million tonnes of steel in February 2012 (a decrease of 3.7%) and South Korea produced 5.4 million tonnes, an increase of 7.6% compared to February 2011.
The results of the data seemed to please Denny Sabah, an analyst at trading house Ronly who told Reuters: "There are definitely positive signs in some parts of the world, namely China and the USA."However, other major countries are still falling short of their potential and are still disappointing on the downside."
"The steel sector is slowly getting back on its feet; it still though has quite some way to go, and it is as regionally diverse as ever," he stated.
Most products contain some form of steel. Throughout the UK, there are huge steel production facilities that work towards producing Stainless Steel Valves and stainless steel components.