Regionally, Asia and Oceania saw a 3.9% increase in crude steel production. The production in this region reached 109.7 million tons, constituting 73.5% of the world's crude steel production.
However, South Korea, one of Asia's leading steel producers, underperformed in February. The country's crude steel production in February decreased by 1.5% to 5.1 million tons, attributed to weak domestic and international demand.
In contrast, South Korea recorded a 1.5% increase in crude steel production in January 2024, reaching 5.7 million tons, maintaining its sixth position in the global ranking for January.
South Korea's crude steel production for the January-February period showed a slight increase, reaching 10.8 million tons. Despite the decline in February, South Korea managed to maintain its sixth position in the global crude steel production ranking for February 2024. Germany and Turkey's crude steel production in February stood at 3.1 million tons, trailing behind South Korea.
The decline in South Korea's crude steel production in February may be attributed to various factors such as uncertainties in the global economy and fluctuations in commodity prices. Experts suggest that crude steel production may fluctuate in the coming months depending on developments in demand.
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