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In 2022, global stainless steel production was measured at around 55.3 million metric tons. This was a decline of approximately five percent compared to the 2021 volume. Overall, the melt shop production volume mainly increased over the past decade. Prior to that, the yearly global stainless steel production was well below 30 million metric tons. Stainless steel is an iron alloy resistant to stains or rust due to a high level of chromium.

Global steel industry

Stainless steel is used in a variety of industries, including construction, automobile assembly, chemical processing, piping, and pollution control, to name a few. Globally, the United States-Mexico-Canada Agreement (USMCA, previously NAFTA) recorded an increase in stainless steel export of roughly ten percent compared to 2021’s export level. However, apparent steel use had declined by three percent that same year.

Stainless steel in the U.S.

The U.S. accounted for a small percentage of the global stainless steel production; the production of stainless steel in the U.S. has dipped by nearly 15 percent in the year 2022. The U.S. and other USMCA countries continue to rely on stainless steel imports to meet demand. Most of the stainless steel imported to USMCA countries regionally came from Asia and Western Europe.