In 2017, a total of 1.69 billion metric tons of crude steel had been produced worldwide. As of 2016, China accounted for nearly half of all steel produced that year, while the EU28 only made up 10 percent of the market.
Since the financial crash in 2009, production in the UK has dropped to a low of 7.5 million tons in 2017, though 2013 and 2014 had seen output increases. By comparison, in 2017 the amount of pig iron manufactured totaled roughly 6 million tons, having decreased from a peak of 9.7 million tons produced in 2014. With production figures declining and more energy efficient means introduced, the iron and steel industry had consumed only 2,847 gigawatt hours of electricity in 2016 of electricity compared to 6,348 gigawatt hours used up in 2000.
The fabrication of metals has seen similar developments over the past few years. The amount of wire rods produced came to 704 thousand metric tons in 2017, which was less than half of the total made in 2004. Production figures of hot rolled steel plates also echo this decline, with 490 thousand tons in output recorded that same year.
Regarding imports into the UK, 9.7 million tons of iron ore had been brought into the country in 2017, an increase compared to the previous year at 9.3 million tons. That same year, pig iron imports have also seen a rise, amounting to 50,000 tons, which was a growth of roughly 52 percent compared to 2016.
As for exports from the UK, scrap metal sales to other countries came to nearly 9.4 million tons in 2017, which was the highest figure in the past eight years. The main importer of UK made iron and steel products was Turkey, having bought 789.9 million British pounds worth of these items in 2017.