Average salary at iron&steel enterprises in 2024 increased by 14.4%

The dynamics of wage fund increase in the industry exceeded the inflation index at the end of last year

The average salary at iron&steel enterprises of Ukraine in 2024 increased by 14.4% – up to 27.3 thousand UAH. This was reported to GMK Center by the Federation of Metallurgists of Ukraine (FMU).

“The average salary at the enterprises of FMU in 2024 increased by 14.4%, up to 27.3 thousand UAH, with the corresponding consumer price index at the level of 12%. That is, real wages have slightly increased,” Sergiy Belenkyi, head of FMU, told GMK Center in a commentary.

The level of salaries at Ukrainian iron&steel enterprises traditionally significantly exceeds the average indicator in Ukraine and the industry. According to the State Statistics Committee, for 2023 the average salary in Ukraine amounted to UAH 17.4 thousand, in industry – UAH 18.4 thousand.

GMK research says that salaries in the sector are 37% higher than the average in Ukraine. Metallurgical companies seek to create attractive working conditions, including through investments in safety.

Last year from March 1, Interpipe increased salaries for all employees of working specialties by 20% on average, and from May 1, Metinvest increased salaries of production personnel by 5-20%, and up to 25% for the most scarce professions.

In turn, ArcelorMittal Kryvyi Rih in April 2024 paid its employees 50% of the average monthly salary for actually worked time in 2023, and Ferrexpo paid a one-time bonus in the amount of the average monthly planned salary at the end of 2023.

As GMK Center reported, at the end of 2023, the average salary at FMU enterprises increased by 56.4% – to UAH 23.9 thousand. This high growth was due to the low comparison base of 2022.