Raw steel production plunged to 628,000 tons in the Great Lakes region last week, a steep drop after two straight weeks of increases.
U.S. steel production fell by 0.72 percent in the week that ended Saturday, according to an American Iron and Steel Institute estimate. Local production plummeted by 42,000 tons, or 6.2 percent
Most of the raw steel production in the Great Lakes region takes place in the Chicago area, chiefly Lake and Porter counties in Indiana.
Production in the Southern District, typically the nation's second-biggest steel-producing region, rose to 621,000 tons last week, down from 582,000 tons a week earlier.
Total domestic raw steel production last week was about 1.769 million tons, down from 1.782 million tons a week earlier.
Nationally, domestic steel mills had a capacity utilization rate of 74.8 percent last week, down from 75.4 percent a week earlier. The capacity utilization rate had been 75.8 percent at the same time a year earlier.
Year-to-date output was 9.8 million net tons, at a capacity utilization rate of 76.9 percent, according to the American Iron and Steel Institute. Production so far this year trails the 2014 rate by 0.3 percent.
Steel exports fell 2.6 percent in December, largely because of drops in demand from Canada and Mexico, according to the American Institute for International Steel. Exports to Canada fell 2 percent, while exports to Mexico decreased by 4.5 percent in the last month of 2014.
In a bright spot, the European Union — the third largest international market for American steel — bought 17.5 percent more metal from U.S. steelmakers than it did in December 2013. Exports to Brazil also jumped nine-fold in December.
Overall, exports declined by 5 percent last year, due to the strong U.S. dollar and the economic struggles of countries abroad.
Source: NW Times
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