AISI reports downturn in US steel production

US domestic steel production data released by the American Iron and Steel Institute (AISI) over the past week suggests further declines in capacity utilization in the US.

Compared to the same period last year, production this week decreased by more than 37%. Production for the corresponding week of last year was 1.880 million tonnes net. The capacity utilization rate a year earlier was 80.8%.

While for the week ending May 16, 2020, domestic steel production was 1.181 million tonnes. Over the previous week, production recorded a slight decline of 1.9%. It should be noted that US steel mills produced 1.204 million net tonnes in the week ended May 9, 2020. The production capacity utilization rate for the current week, equal to 52.7%, also decreased compared to the previous week of 53.7%.

Adjusted annual production as of May 16, 2020 was 32.040 million tonnes net, down almost 14% from 37.098 million net tonnes in the corresponding period in 2019. Capacity utilization also declined from 81.4% to 71.2%, according to AISI.