Global crude steel production declined 4.6% year-on-year to 140.1 million tons in November, driven largely by a 10.9% drop in China, according to data released Tuesday by the World Steel Association.

The European Union is planning to increase tariffs on steel imports to 50%, according to a draft proposal, News.Az reports, citing Bloomberg.

Global crude steel production reached 146.8 million tons in November, marking a 0.8% increase compared to the same month last year, according to the World Steel Association (worldsteel).

Iran's crude steel production fell to 1.4 million tons last month, less than half of the country's monthly nominal steel production capacity.