China Produces More Than Half the World’s Steel

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.