World steel output drops after 5-yr rise

PARIS: Reflecting a global economic slowdown, worldwide steel production dropped 2.8 percent last year to 1.62 billion tons, just under half of the total produced by China, the World Steel Association said on Monday.

Global steel production slipped back after five years of constant rises, with China, easily the world’s largest consumer and producer, last year producing 803.8 million metric tons (Mt), down 2.3 percent on 2014.