Last year’s collapse in prices for steel down to its lowest level in twelve years and declining demand are driving factors behind the decline in production.
In addition to the cuts, the crisis also knocked out a large number of smelters and businesses during the year.
The decrease was, among other things evident in China, where production fell by 2.3 percent to 804 million tonnes.
Despite the cuts estimated China’s steel sector to have an over-capacity of 300-400 million tonnes per year , which is about half of the global over-production.
The decline in steel production globally gained momentum in late 2015, with a production of 6 percent to 127 million tonnes in December.
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