In the latest update on the steel industry, early indicators show that steel production in the United States continues to outpace last year’s figures, although experiencing a slight dip in the past week.
According to the Washington, D.C.-based AISI, the steel industry’s trade association, steel production in the Great Lakes region witnessed a decrease of 0.71%, equivalent to 4,000 tons, in the week ending Jan. 13.
The steel mills in the Great Lakes region, primarily situated along the south shore of Lake Michigan in Northwest Indiana, recorded an output of 553,000 tons of metal during this period, compared to the preceding week’s 557,000 tons.
On a national scale, steel mills operated below 80% capacity last week but are steadily making progress toward the crucial threshold for financial success. Overall, domestic steel mills contributed 1.699 million tons of steel to the market, reflecting a marginal decrease of 0.05% from the previous week’s 1.707 million tons.
The capacity utilization rate for U.S. steel mills stands at 76.7%, marking a positive trend from 75.9% at the same point in 2022, according to the American Iron and Steel Institute. This signifies a robust performance and potential growth in the coming weeks.
Steel capacity utilization for the entire industry was 76.5% last week, up from 75.9% a year earlier but slightly down from the previous week’s 76.9%.
Shifting focus to the southern region, which houses numerous mini-mills across a broad geographic area and competes with the Great Lakes region in output, steel production totaled 769,000 tons last week, a minor decrease from the previous week’s 771,000 tons. Meanwhile, steel production in the rest of the Midwest experienced a positive uptick, rising by 3,000 tons to reach 193,000 tons. These regional insights provide a comprehensive view of the dynamic landscape of the U.S. steel industry.