Forecast: Raw Steel Production in Canada

The Canadian raw steel production has experienced fluctuations over the past decade, standing at 12.88 million metric tons in 2023. The data reveals key variations year-on-year; for instance, from a significant decrease of 17.3% in 2020 to a strong rebound of 20.05% in 2021. However, the latest trends show a minor decrease of 0.35% in 2022 and 2023. The CAGR from 2019 to 2023 indicates a slight decline of approximately 0.29% annually.

Future forecasts from 2023 to 2028 predict a consistent but minor decline in production, with the CAGR projected at -0.29% and an overall five-year growth rate of -1.44%. It is essential to monitor ongoing changes in global demand, advancements in steel manufacturing technology, and environmental regulations that could impact production trends.