Crude steel production in Turkey soared 13.1% in 2017, the World Steel Association (WSA) said on February 2. That compared to a rise in global production of only 5.3%.
No other steel producing country outdid the performance of Turkey, the world’s eighth largest producer, although only two of the world’s top 20 steel-producing countries saw output contract, the WSA added.
“Market conditions are favourable,” the world’s largest steel producing company, ArcelorMittal, was quoted as saying by Reuters, adding that “the demand environment remains positive... and steel spreads remain healthy.”
Analysts expect more strong steel growth this year driven by the global manufacturing economy and a big fall in exports from China, the world’s largest steel producer.
A threat on the horizon is a possible decision ahead from US President Donald Trump that steel imports threaten the national security of the US.
Don’t just follow the news—understand it.
The IntelliNews PRO service includes access to reports, exclusive market data, and more news that decision-makers care about. Stay ahead of the market with IntelliNews PRO.
Sign Up NowRelated Articles
Fintech Freedom Holding aims to make France key entry point into EU with €500mn investment
A French banking licence would open the way to a new phase in the international expansion of Nasdaq-listed fintech group Freedom Holding Corp. That’s the expectation of Freedom, a company ... more
Iran's Araghchi arrives in Turkey for talks on US military build-up as Ankara looks to act as mediator
Iranian Foreign Minister Abbas Araghchi arrived in Istanbul on January 30 for meetings with Turkish officials to discuss regional issues amid what he described as serious challenges posed by US ... more
TPAO and ExxonMobil sign deal for offshore exploration
The Turkish Petroleum Corp. (TPAO) has formalised a strategic partnership with Esso Exploration International, a subsidiary of ExxonMobil, marking a significant escalation in Türkiye’s ambitions ... more