U.S. steel production skyrocketed by 12 percent year-over-year in October, an industry trade group reported.
The World Steel Association, which tracks 160 steelmakers in 66 countries worldwide, reported that steel mills in the United States produced 7 million tons of steel last month. Global steel production rose 5.8 percent year-over-year to 145.3 million tons in October.
China produced nearly half of the world's steel last month. China made 72.4 million tons in October, a 6.1 percent year-over-year increase and 10 times more than the U.S. did that month.
In October, steel production rose 5.3 percent to 8.6 million tons in India, 11.1 percent to 3.3 million tons in Turkey, 11.9 percent to 1.3 million tons in Spain, 1.6 percent to 1.4 million tons in France, 3.9 percent to 3 million tons in Brazil and 6.1 percent to 2.3 million tons in Italy.
Output fell 1 percent year-over-year to 9 million tons in Japan, the only major industrialized country in the world where steel production declined in October.
Steel capacity utilization worldwide was 73 percent in October, which is 3 percentage points higher than in October 2016.