Crude steel production to the lowest level in half a century Due to the economic downturn caused by the new corona, October 8th, 5:45
The annual production of "crude steel," which is the basis of steel products, remains at the lowest level in about half a century due to the decline in production in a wide range of industries such as automobiles due to the spread of the new coronavirus infection. It became a prospect.
According to the Ministry of Economy, Trade and Industry, the production of crude steel for one year is expected to be 82.17 million tons, down 17.2% from last year, by adding the demand for the next three months to the results from January to September.
Due to the impact of the new coronavirus, the production of automobiles and the construction of hotels and commercial facilities fell, and the production volume fell below the production volume of 87.53 million tons in 2009 immediately after the Lehman shock, and it has been 51 years since 1969. It is expected to remain at the lowest level for the first time.
Crude steel is processed into steel products for automobiles and construction and used in a wide range of industries, so its production is said to be closely related to economic trends.
This decline also reflects the historic economic downturn caused by the spread of the new coronavirus infection.
According to the Ministry of Economy, Trade and Industry, "Although production of automobiles and other products is currently returning, the outlook for steel demand is uncertain because the infection cannot be expected to converge globally."