Finland reduced steel production by 3.8% y/y in 2024

In 2024, the Finnish steel industry reduced steel production by 3.8% compared to 2023, to 3.7 million tons. Thus, the country ranked 39th in the global ranking of steel-producing countries (71), according to World Steel.

Finland has three steel mills – Outokumpu Tornio with an annual capacity of 1.2 million tons, SSAB Raahe with 2.6 million tons per year, and Ovako Imatra with 575 thousand tons per year.

Over the past 6 years, steel production in the country has fluctuated between 3.5 and 4.3 million tons, in particular:

• 2019 – 3.5 million tons;
• 2020 – 3.5 million tons;
• 2021 – 4.3 million tons;
• 2022 – 3.5 million tons;
• 2023 – 3.8 million tons;
• 2024 – 3.7 million tons.

In 2024, the Finnish steel industry experienced a slight decline in steel production, reflecting the impact of global economic challenges. Key producers are under pressure due to energy market volatility, increased competition and fluctuations in demand within the bloc. These factors are forcing companies to look for new ways to optimize production processes to remain competitive in the challenging global market. Despite a slight decline in smelting volumes, production levels remain high, which demonstrates the resilience of the industry and its ability to adapt to current challenges.

Overall, steel production in the European Union increased by 2.6% in 2024 compared to 2023 – to 129.5 million tons. Global steel production for the year amounted to 1.84 billion tons, down 0.9% year-on-year.