Global steel production and capacity round-up, Feb 2024

5th March 2024

Plans for Iberia’s first green steel mill, China’s stainless steel production increase and steelmakers’ latest acquisitions are among MEPS International’s latest global production and capacity round-up.

The summary below has been compiled from content first published for subscribers to the MEPS European Steel Review, International Steel Review and Stainless Steel Review.

Visit the MEPS website for details of how to subscribe to the monthly reports, which provide subscribers with steel prices, indices, market commentary and forecasts.


Cogne Acciai Speciali

Cogne Acciai Speciali has signed an agreement to acquire a 65% stake in specialist scrap metals recycler Com.Steel.

The recycler, based in Bergamo, Italy, which is now part of Taiwan’s Walsin Lihwa group, is one of Cogne’s primary suppliers of stainless steel scrap.

Massimiliano Burelli, the chief executive of Cogne, said that the purchase marked “the first stage of our upstream verticalisation strategy”.

Completion of the EUR28 million deal remains subject to regulatory approvals.


The German government has announced its intention to provide EUR1.3 billion to partially fund ArcelorMittal’s move to EAF-based steel production at its Bremen and Eisenhüttenstadt sites.

The EUR2.5bn transition project will involve the construction of EAFs at both locations which will use renewable electricity and scrap to produce steel. A DRI plant will also be established in Bremen to create sponge iron from iron ore. This will initially use natural gas before transitioning to the use of green hydrogen.

Government funding for the ArcelorMittal project remains subject to scrutiny by EU officials to ensure that it complies with state support rules.

Hydnum Steel

Hydnum Steel (HS) has submitted an application to develop a EUR1.6 billion green steel mill on the Iberian Peninsula – the region’s first such steelmaking facility.

The Spanish business’s application, detailing a planned facility to be located in Puertollano, was submitted to the regional government of Castilla-La Mancha.

Its project plan suggests that steelmaking will get underway in 2026. The unit’s initial production capacity is planned to be 1.5 million tonnes of hot rolled coil per year. This will increase to 2.6m tonnes in 2030, the company said.

Hydnum is backed by a partnership that consists of the Helvella investment company, Siemens, ABEI Energy and Russula Corporation.

Tata Steel

Tata Steel has relit blast furnace six at its IJmuiden facility in the Netherlands following an extended maintenance outage.

The furnace was relined, its gas cleaning system was repaired, and new extractor hoods were installed during the period of the outage, which began in March 2023. The furnace has an annual production capacity of 2.5 million tonnes.

Tata plans to permanently decommission the furnace in 2035 as part of its ongoing decarbonisation programme.



Data from the Stainless Steel Council of China Iron and Steel Association shows that the country produced 36.7 million tonnes of stainless steel products in 2023 – a year-on-year increase of 12.6%.

Of this total, 300-series material accounted for the largest proportion, with its annual output growing by 11% to reach 18.5m tonnes. Nearly 6.5 million tonnes of 400-series material was produced in 2023 – 15.7% more than in the previous year.

Production of 200-series steels amounted to 11.3m tonnes, representing an annual growth rate of 13.4%. Duplex grades accounted for the remainder. Overall capacity utilisation was approximately 70%.

China’s annual stainless steel exports increased by 9% year-on-year to 4.1m tonnes during 2023, whereas its imports decreased by 38.6% to 1.7m tonnes.

North America


Acerinox has submitted a USD970 million cash offer to purchase nickel and cobalt alloy specialist Haynes International, via its subsidiary North American Stainless.

Through this acquisition Acerinox confirms that it is seeking to expand its presence in the United States’ high-performance alloy segment. The deal is likely to be finalised in quarter three.

Acerinox’s latest offer follows its EUR530m acquisition of German high-performance alloy group VDM, which was completed in 2021.


Nucor reported net sales of USD34.7 billion and net earnings of USD4.5 billion for 2023 – making it the third most profitable year in its history.

The company, which shipped 23.3 million short tons of steel during the reporting period, said that it expects to increase profitability in the first quarter of 2024. Improved sales volumes and higher average selling prices at its sheet mills are expected to be a key driver, it said.

In a separate announcement, Nucor confirmed that its board of directors has approved a USD860 million investment in the construction of a new rebar micromill in the Pacific Northwest. The mill, the fourth and largest that the company has built, will have an annual production capacity of up to 650,000 short tons. The project is expected to take two years to complete.

Steel Dynamics

Steel Dynamics’ annual financial results have revealed that the United States steelmaker produced 11.4 million short tons of steel products in 2023.

The Indiana-based company generated an annual revenue of USD18.8 billion and reported a net income of USD2.5 billion. The company also confirmed it has completed the installation of four new coating lines. These include two paint lines and two galvanising lines, installed as a set, one of each at its plant in Sinton, Texas, and its Heartland facility in Indiana.

Steel Dynamics said that the new coating lines will boost its value-added flat rolled steel capacity by 1.1 million short tons when commissioned, later in quarter one.


JSW Steel USA will invest USD145 million to implement upgrades to its Mingo Junction facility in Ohio.

The project will aim to facilitate the production of cleaner steel – reducing the plant’s carbon emissions – and diversify the company’s product offering to target new markets.

JSW’s plans include the installation of a 230-tonne vacuum tank degasser, the largest of its kind in North America, in the second half of 2025. The company will also revamp the facility's two-strand continuous caster to improve internal slab quality.

European Steel Review image


European Steel Review

The MEPS European Steel Review is an informative, concise and easy-to-use monthly publication, offering unique professional insight into European carbon steel prices.

Go to productRequest a free publication