2024 Taiwan Industrial Outlook - Metal Material

In 2023, Taiwan’s crude steel output was about 19.183 million metric tons, accounting for about 1.1% of the global total and ranking 13th in the world. Crude steel from blast furnaces accounted for 59.1% of the total output, while 40.9% was crude steel from electric furnaces. Of the total crude steel output in 2023, carbon crude steel amounted to 18.425 million metric tons, representing 96.1% of all steel grades produced. Stainless and alloy steel accounted for only 3.9%. According to data from the World Steel Association (WSA), the apparent annual global steel consumption in 2023 was 1.76 billion metric tons, a decrease of 1.1% compared to 2022. Due to factors such as worsening global inflation, declining purchasing power, intensifying geopolitical conflicts, and the weaker-than-expected economic recovery following the COVID-19 pandemic in China, apparent steel consumption fell in the European Union, North America (United States, Mexico, and Canada), Africa, the Middle East, Asia, and Oceania, with the exception of the Commonwealth of Independent States (CIS) and Central and South America.