12 January 1999
ECE/TRADE/99/1
WORLD
FINANCIAL CRISIS HITS CRUDE STEEL PRODUCTION
Latest
estimates show 2.5% decline in 1998
According to the latest
estimates1 by the United Nations Economic Commission
for Europe (UN/ECE), world crude steel production amounted
to 778.2 Mt in 1998, a 2.5 per cent or 20.3 Mt decline compared with the record year 1997. Although production
remained high in the first half of 1998, Russia's currency
crisis, economic turmoil in Latin America and a retarding effect
of the Asian financial crises depressed output in the latter half
of the year.
In the United States of
America, output decreased for the first time since 1991. This
decrease was slight, however: by 1.0 per cent from 98.5 Mt in
1997 to 97.5 Mt in 1998. A significant increase in imports from
Asia was cited as one reason behind the decrease.
In the European Union, despite
an increase in imports from Asia and European transition
countries, crude steel production in 1998 nevertheless registed
an increase of 1.1 per cent, sustained by favourable steel demand
from the steel-consuming sectors.
Russia's currency crisis resulted in a
sharp drop of 10.1 per cent in crude steel production over the
1997 figure. A drop in exports to Asian countries is also related
to the decrease.
Output in the European
transition countries was also affected by the Asian financial
crises. Aggregate output in the region showed a 7.3 per cent
decrease, with 16.0 per cent in Bulgaria and 10.3 per cent in
Poland.
The scenario was similar in Latin
America. Aggregate output registered a 1.5 per cent decrease
as a result of the economic crises in this region. However, the
situation in Asia was the worst. A drastic decrease in
output took place in Japan, the Republic of Korea and ASEAN2 member countries, with 10.5 per cent
in Japan and 7.8 per cent in the Republic of Korea. Japan's
output was the lowest since 1972. The Republic of Korea
experienced a decline for the first time in 32 years since 1966.
The country ranking of global
crude steel production in 1998 showed that China remained
the largest steel producer for the third consecutive year.
Despite the Asian crisis, China's output increased by 5.7 per
cent, from 107.9 Mt in 1997 to 114 Mt in 1998 as a result of an
estimated 7.8 per cent growth in GDP. China was followed by the United
States. Japan lagged behind, falling from second place
in 1997 to third, followed by Germany, the Russian
Federation and the Republic of Korea.
For further information please
contact:
Mr. Akio NOGUCHI
Trade Division
United Nations Economic
Commission for Europe (UN/ECE)
Palais des Nations, office
423
CH-1211 Geneva 10,
Switzerland
Tel: + 41 22 917 2149
Fax: + 41 22 917 0178
E-mail: [email protected]
1 Based on data supplied by countries.
2 ASEAN: Association of
Southeast Asian Nations. Member countries (currently nine):
Brunei Darussalam, Indonesia, Lao People's Democratic Republic,
Malaysia, Myanmar, Phillipines, Singapore, Thailand, Vietnam.
| World Crude Steel Production
1998 |
|
|
|
| (1 000t) |
|
|
|
| |
| Regions and countries |
Year |
Year |
Comparison |
| |
1997 |
1998 |
98/97 ( % ) |
| AFRICA-TOTAL |
10 290 |
9 649 |
-6.2 |
| South Africa |
8 230 |
7 709 |
-6.3 |
| Others |
2 060 |
1 940 |
-5.8 |
| |
| MIDDLE EAST-TOTAL |
12 390 |
11 544 |
-6.8 |
| Egypt |
2 720 |
2 875 |
5.7 |
| Algeria |
400 |
300 |
-25.0 |
| Iran (Islamic Republic
of) |
6 320 |
5 559 |
-12.0 |
| Others |
2 950 |
2 810 |
-4.7 |
| |
| ASIA -TOTAL |
308 762 |
299 997 |
-2.8 |
| China |
107 897 |
114 000 |
5.7 |
| India |
23 745 |
23 852 |
0.5 |
| Japan |
104 545 |
93 550 |
-10.5 |
| Republic of Korea |
42 554 |
39 240 |
-7.8 |
| Taiwan Province of China |
15 871 |
16 975 |
7.0 |
| Others |
14 150 |
12 380 |
-12.5 |
| |
| NORTH AMERICA-TOTAL |
113 944 |
113 300 |
-0.6 |
| Canada |
15 459 |
15 800 |
2.2 |
| United States |
98 485 |
97 500 |
-1.0 |
| |
| OTHER AMERICA-TOTAL |
52 173 |
51 381 |
-1.5 |
| Argentina |
4 157 |
4 278 |
2.9 |
| Brazil |
26 153 |
25 900 |
-1.0 |
| Mexico |
14 254 |
14 077 |
-1.2 |
| Venezuela |
4 019 |
3 716 |
-7.5 |
| Others |
3 590 |
3 410 |
-5.0 |
| |
| OCEANIA-TOTAL |
9 485 |
9 633 |
1.6 |
| Australia |
8 727 |
8 872 |
1.7 |
| New Zealand |
758 |
761 |
0.4 |
| EUROPE-TOTAL |
291 491 |
282 686 |
-3.0 |
| |
| European Union -TOTAL |
160 032 |
161 777 |
1.1 |
| Austria |
5 181 |
5 286 |
2.0 |
| Belgium |
10 784 |
11 600 |
7.6 |
| Denmark |
788 |
805 |
2.2 |
| Finland |
3 734 |
3 607 |
-3.4 |
| France |
19 767 |
20 436 |
3.4 |
| Germany |
45 007 |
44 800 |
-0.5 |
| Greece |
1 016 |
1 125 |
10.7 |
| Ireland |
333 |
450 |
35.1 |
| Italy |
25 841 |
25 934 |
0.4 |
| Luxembourg |
2 580 |
2 546 |
-1.3 |
| Netherlands |
6 641 |
6 430 |
-3.2 |
| Portugal |
899 |
880 |
-2.1 |
| Spain |
13 786 |
14 860 |
7.8 |
| Sweden |
5 149 |
5 263 |
2.2 |
| United Kingdom |
18 526 |
17 755 |
-4.2 |
| |
| OTHER WESTERN EUROPE |
17 442 |
17 390 |
-0.3 |
| Norway |
578 |
651 |
12.6 |
| Switzerland |
1 047 |
1 070 |
2.2 |
| Turkey |
14 225 |
14 053 |
-1.2 |
| Bosnia and Herzegovina |
72 |
85 |
18.1 |
| Croatia |
69 |
100 |
44.9 |
| Slovenia |
426 |
405 |
-4.9 |
| Yugoslavia |
1 025 |
1 026 |
0.1 |
| |
| EASTERN EUROPE-TOTAL |
33 219 |
30 789 |
-7.3 |
| Albania |
22 |
22 |
0.0 |
| Bulgaria |
2 636 |
2 215 |
-16.0 |
| Czech Republic |
6 750 |
6 500 |
-3.7 |
| Hungary |
1 690 |
1 815 |
7.4 |
| Poland |
11 591 |
10 400 |
-10.3 |
| Romania |
6 674 |
6 380 |
-4.4 |
| Slovakia |
3 856 |
3 457 |
-10.3 |
| |
| former USSR-TOTAL |
80 798 |
72 730 |
-10.0 |
| CIS - Total |
80 498 |
72 430 |
-10.0 |
| Azerbaijan |
49 |
50 |
2.0 |
| Belarus |
1 219 |
1 297 |
6.4 |
| Georgia |
104 |
120 |
15.4 |
| Kazakhstan |
3 889 |
3 082 |
-20.8 |
| Republic of Moldova |
754 |
726 |
-3.7 |
| Russia |
48 502 |
43 600 |
-10.1 |
| Ukraine |
25 628 |
23 203 |
-9.5 |
| Uzbekistan |
353 |
352 |
-0.3 |
| Latvia |
300 |
300 |
0.0 |
| |
| WORLD-TOTAL |
798 535 |
778 190 |
-2.5 |