Brazil Leads Region's Crude Steel Output Slump

The crude steel production statistics for the month of May 2020 published by the World Steel Association (worldsteel) points to notable decline in output by countries in the South American region. The regional production dropped significantly by nearly 26% from May 2019. It totaled 2.676 million tonnes (Mt), down significantly by 25.8% when compared with the production of 3.608 Mt in the corresponding month a year before.

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Year-to-Date Crude Steel Output Witnessed Notable Decline

The top two producers- Brazil and Argentina reported heavy decline in output. The Brazilian production totaled 2.188 Mt, which is lower by 22.6% over the previous year. The country had produced 2.826 Mt in May ‘19. The production by Argentina dropped even sharply by 52.2% from 407,000 tons in May last year to 194,000 tons in May 2020. The largest year-on-year decline in output was recorded by that country.