Exclusive EU imported 5.34 million tons of iron & steel products from Russia in 2024

Total imports exceeded €2.5 billion, with the largest volumes of supplies coming from semi-finished products, DRI and pig iron

The European Union imported 5.34 million tons of iron and steel products from Russia in 2024. Despite the sanctions, Russian producers continue to generate significant revenues from exports to the EU, with the amount exceeding €2.5 billion last year. This indicates the weak effectiveness of the current restrictions and the existence of exceptions that allow Russian steelmakers to export to EU markets.

Semi-finished products accounted for the largest volumes of supplies, amounting to 3.15 million tons, up 1.1% compared to 2023. The key consumers of Russian semi-finished products were:

• Belgium – 1.22 million tons (+5.4% y/y);
• Italy – 781.92 thousand tons (-9.9%);
• Denmark – 467.39 thousand tons (+6.5%);
• Czech Republic – 425.65 thsd tonnes (+11%).

The EU countries also imported 1.03 million tons of pig iron from Russia, which is 26.9% less than in 2023. Italy consumed almost the entire volume of raw materials – 769.56 thousand tons, which confirms its key dependence on Russian supplies. Latvia accounted for another 147.72 thousand tons (+43.1% y/y), most likely re-exported to other countries.

The top three most imported resources also include direct reduced iron (DRI). Last year, Russia shipped 1.04 million tons of DRI to the EU. The bulk of it was imported by Italy – 487.99 thousand tons (-30.8% y/y), Belgium – 207.2 thousand tons (+0.7%), and Poland – 202.8 thousand tons (+210%).

In total, Russian DRI supplies to the EU accounted for about 40% of all DRI imports to the EU, which indicates the high current dependence of the European steel industry’s green transition on raw materials from Russia.

In 2024, imports of iron ore from Russia to the EU decreased significantly – from 332.3 thousand tons to 9.36 thousand tons. At the same time, imports of ferroalloys increased by 36.6% y/y – to 60.99 thousand tons, with the Netherlands being the key destination of supplies – 46.14 thousand tons (+40.1% y/y). Scrap imports amounted to 42.6 thousand tons (+33.5% y/y), mainly to Lithuania – 40.62 thousand tons (+29.6% y/y).

Despite the sanctions, imports of Russian steel products to the EU remain significant. Some countries, such as Italy, Belgium, and the Czech Republic, continue to actively buy Russian products.

At the same time, Ukraine, as a candidate and future member of the European Economic Area, could replace Russian suppliers. Ukrainian producers are able to increase production and exports of semi-finished products, cast iron, and DRI, which would allow the EU to reduce its dependence on Russian raw materials and at the same time support Ukraine’s economy. However, this requires both additional investment in production capacity and the political will of European countries.