Global stainless steel production hit a new record high in 2023. According to preliminary figures from the World Stainless Association, around 58.4 million tonnes of stainless steel were produced worldwide last year. This was almost 5 per cent more than in the previous year and slightly ahead of 2021 when the previous record of 58.3 million tonnes was set.
The greatest increase in production last year was seen in China. At 36.7 million tonnes, the previous year's output figure was exceeded by almost 13 per cent. In contrast, production volumes in Europe and the US fell significantly, as they had in 2022. At 5.9 million tonnes, 6 per cent less stainless steel was produced in Europe than in 2022, while the drop in the American output was nearly 10 per cent, meaning that production in the US had fallen to 1.8 million tonnes.
