Natural Resources
China Produces More Than Half the World’s Steel
![China Produces More Than Half the World’s Steel](/_next/image?url=https%3A%2F%2Fcdn.voronoiapp.com%2Fpublic%2Fimages%2Fvoronoi-China-Produces-More-Than-Half-the-Worlds-Steel-20240513113203.webp&w=3840&q=75)
What we’re showing
This graphic breaks down the estimated global production of raw steel in 2023. Data was sourced from U.S. Geological Survey, as of Jan. 2024.
Overcapacity in China
- Steel production in China has outpaced demand in recent years, putting downward pressure on the profit margins of steel mills globally.
- China’s troubled real estate sector has historically accounted for over one-third of the country’s steel consumption.
- The Chinese government has directly required steel production cuts since 2021.
Dataset
Country | 2023 Production (million tonnes) |
---|---|
China | 1,000 |
Rest of World | 420 |
India | 140 |
Japan | 87 |
U.S. | 80 |
Russia | 75 |
S. Korea | 68 |
Total | 1,870 |
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