Declining trend in turnover ends – production volumes stable

The turnover of metals industry companies (steel products, non-ferrous metals, castings and metallic minerals) in Finland decreased by 23 per cent in 2023 from 2022. In 2023, their turnover in Finland amounted to almost EUR 15 billion. Turnover began to fall due to the strong decline in producer prices last year.

In January–July 2024, the turnover of metals industry companies in Finland was 15 per cent lower than twelve months earlier. The combined production volume of the industry (turnover deflated by the change in producer prices) was three per cent lower in January–August 2024 than in the corresponding period of last year.

At the end of September, metals industry companies in Finland employed 1.0 per cent more people than at the end of June. The industry employed approximately 16,400 people in September.

Compared to the corresponding period of last year, global steel production declined by 1.9 per cent during the January–September period of 2024. Production volumes have increased in the EU (1.5%) and decreased in territories such as North America (-3.9%) and Asia (-2.5%). The output of Asia’s major steel-producing countries has been clearly declining this year. Production volumes have decreased by 3.6 per cent in China, 3.2 per cent in Japan, and 4.6 per cent in South Korea. India is the only major steel producer to have increased its production (+5.8%).

China, India, Japan and the United States were the largest steel producers in January–June. China accounted for approximately 55 per cent of global steel production.