The global steel industry is shifting as traditional producers, China, Japan, and South Korea, see declining output amid weak or saturated demand. 

World Steel Association data showed October 2025 crude steel production down 5.9% year-on-year, with January-October output falling 2.1%. Growth came from Africa, the Middle East, and North America, while Asia and Europe contracted. 

China dropped 3.9% on weak construction, while India rose 10% on strong industrialization. The US saw slight growth supported by higher import tariffs. 

Analysts expect global crude steel output to rise 0.5-1% in 2026, driven mainly by India and emerging economies.