International Stainless Steel Forum (ISSF) published full year 2020 data showing global stainless steel production declined by 2.5 % year on year to 50.9 million metric tons.
In Europe, the production of stainless steel decreased in 2020 by 7.1% to 6.323 million tons. The United States of America produced 2.144 million tonnes of stainless steel, down 17.3% from 2019. Asian countries excluding China and South Korea reduced their stainless steel output by 18.6% to 6.429 million tons. Other countries and regions of the world in 2020 reduced the production of stainless steel by 6% to 5.857 million tons.
According to forecasts, in 2021 the world production of stainless steel will grow to 54 million tons. Economic activity is expected to improve and stainless steel capacity will gradually increase this year. This is especially the case in Indonesia, where production is projected to remain higher than in many more developed countries. However, market confidence is likely to increase with the introduction of vaccinations in developed countries.
The International Stainless Steel Forum (ISSF) is a non-profit research organization that serves as a global forum on various aspects of the international stainless steel industry. ISSF was founded in 1996.