In the week ending October 21, 2023, U.S. domestic raw steel production rose to 1,703,000 net tons, a 3.6% year-over-year increase. The capability utilization rate for the same period was 74.1%. However, the adjusted year-to-date production is down by 1% compared to the previous year.
U.S. domestic raw steel production has shown a moderate increase, according to the latest figures. For the week ending on October 21, 2023, production was at 1,703,000 net tons, marking a 3.6% increase from the same period in the previous year. Additionally, the capability utilization rate was 74.1%, slightly higher than last year's rate of 73.7%.
Compared to the previous week, ending October 14, 2023, the production has marginally increased by 0.5%. During that week, the production stood at 1,695,000 net tons and the capability utilization was at 73.8%.
The year-to-date figures present a different story. Adjusted year-to-date production through October 21, 2023, was 71,866,000 net tons, at a capability utilization rate of 75.8%. This is slightly lower, by 1%, compared to the 72,616,000 net tons produced during the same period last year, when the capability utilization rate was notably higher at 78.8%.
When broken down by districts, the production figures vary. The North East produced 134,000 net tons, the Great Lakes had 567,000 net tons, the Midwest saw 184,000 net tons, the Southern district accounted for 746,000 metric tons, and the Western district produced 72,000 net tons.
These numbers indicate a mixed picture for the U.S. steel industry. On one hand, there's a slight weekly increase in production and capability utilization rate, but on the other hand, the year-to-date figures show a small decline.
This could be attributed to multiple factors including fluctuating demand, market dynamics, and external pressures like trade policies. Therefore, while the weekly numbers may seem encouraging, the broader context suggests that the industry still has challenges to overcome.
The latest weekly figures for U.S. domestic raw steel production show a moderate increase both year-over-year and from the previous week. However, when looking at the year-to-date numbers, there is a slight decline. This underscores the complexity and the mixed state of health in the U.S. steel industry.
