US Weekly Steel Production Sees Marginal Year-over-Year Decrease

U.S. raw steel production for the week ending October 26, 2024, saw a slight year-over-year decrease of 0.2%, as reported by the American Iron and Steel Institute (AISI). Domestic steel mills produced a total of 1.660 million net tons (NT) at a capability utilization rate of 74.7%. This is a minor decline from the same week in 2023, when production reached 1.664 million NT with a lower utilization rate of 72.4%.

Weekly Increase in Production 

Despite the slight annual decrease, weekly crude steel production rose 1.8% from the previous week, ending October 19, 2024, when production was 1.631 million NT at a 73.4% utilization rate. The increase reflects continued recovery and adjustments within the domestic steel sector.

Regional Production Breakdown

The Southern region led in weekly production, with 675,000 NT, followed by the Great Lakes region at 601,000 NT. Other regions contributed as follows:

- North East: 130,000 NT

- Midwest: 196,000 NT

- Western: 58,000 NT

Year-to-Date Steel Production

The adjusted year-to-date steel output totaled 72.729 million NT with a capability utilization rate of 76.4%, reflecting a 1.7% decrease compared to the 74.002 million NT produced during the same period in 2023, which also held a 76.4% utilization rate. This decline highlights ongoing challenges in meeting production targets amid fluctuating market conditions.

The AISI’s latest data provide insight into the stability and shifting demands within the steel sector, with regional variances reflecting operational adjustments in response to changing production demands and economic conditions.