Crude steel output rises nearly 8 percent

ISTANBUL

Türkiye’s crude steel production rose 7.7 percent in July from a year ago, marking the first year-on-year increase in the industry’s output in 14 months. 

The country’s total crude steel production was 2.9 million tons in July, according to the Steel Producers’ Association (TÇÜD).

In July, Türkiye was the eighth largest producer of steel in the world after Germany.

Steel shipments to foreign markets were down 27 percent to 851,000 tons, while export revenues of the industry plunged 40 percent from July 2022 to $676 million. The annual decline in exports was 44 percent to 5.3 million tons in the first seven months of the year, with export revenues falling more than 50 percent to $4.6 billion, the data from the association showed.

Domestic steel consumption increased by 27 percent to 3.4 million tons and rose by 17 percent to 23.3 million tons in the January-July period from a year earlier.

In July, Türkiye boosted its steel imports volume by 16 percent to 1.5 million tons, but in terms of value, imports were down 7 percent to $1.4 billion. From January to July, Türkiye spent $9.5 billion on imports, down 4.7 percent, even though its purchase of steel from other countries grew 22 percent to 11 million tons.

TÇÜD noted that steel imports from China soared 84 percent year-on-year in the first seven months of 2023, calling for restrictions to prevent China from sending its surplus production to Türkiye. Russia was Türkiye’s top supplier of steel.