Led by China, total world steel production increased at a rate of 8.8% in 2004, according to the International Iron & Steel Institute (IISI). For the first time ever, global production reached the billion metric ton (MT) mark.

The year ended at 1.035 billion MT. Steel production in China rose 23% vs. 2003, as Chinese production surpassed 25% of total world production in spite of reported government efforts to slow down investment.