Steady Rise in World Stainless Steel Production Forecast for 2015: MEPS


The annual total global stainless steel production for 2014 is estimated to have reached an all-time high of 41 million tons, which exceeds the previous record by 7.6 percent that in 2013.

MEPS predicts that worldwide output will further increase by 4.9 percent, and reaches a new peak of 43 million tons this year.

In 2014, the outturn in all of the traditional stainless steel making regions, except South Korea, was higher than that in previous year. It was particularly strong in United States and Japan, though moderate in EU and Taiwan.

However, production in all of these established stainless steel making countries and regions, remains significantly below the peak achieved in 2006.

This trend, of course, outweighed the expansion of production in China and other emerging nations. China’s output last year is estimated to be more than 4 times the 2006 figure.

The growth of Chinese production will, inevitably, slow down from the rapid rate of recent years. MEPS does anticipate that output will continue to climb by more than 5 percent in 2015 and reach 22.9 million tons. This would represent more than 50 percent of global stainless steel production.