Kazakhstan cut steel production by 18.7% m/m in January

In January 2024, steel enterprises of Kazakhstan reduced steel production by 18.7% compared to December 2023, to 292.87 thousand tons. This is evidenced by the data of the Statistical Committee of the Ministry of Economy of Kazakhstan, Kallanish reports.

Compared to January 2023, steel production by Kazakhstan’s steelmakers decreased by 8.9% y/y.

Flat products production in January amounted to 189.1 thousand tons. This corresponds to the level of December last year and is 17.6% less than in January 2023.

Ferroalloy enterprises of Kazakhstan produced 181.38 thousand tons of products in January, up 27.4% m/m and 27.4% y/y.

Last December, ArcelorMittal completed the sale of its assets in Kazakhstan to Qazaqstan Investment Corporation. QIC acquired all the shares in ArcelorMittal Temirtau and ArcelorMittal Tubular Products Aktau. Qazaqstan Steel Group and its founder Andrey Lavrentiev became the new investor. ArcelorMittal Temirtau was later renamed Qarmet.

In addition to acquiring the assets, the Kazakh investor pledged to invest another $3 billion in modernizing production and protecting the region’s environment, with $1.3 billion to be invested in 2024.

In 2022, Temirtau recorded the best result in rebar production over the past 14 years. It produced 436 thousand tons and shipped 427 thousand tons. The plant also produces hot-rolled and cold-rolled coils, as well as coated coils.

As GMK Center reported earlier, in 2023, Kazakhstan increased steel production by 16.4% year-on-year – to 3.92 million tons. In the same period, flat products production decreased by 3.6% year-on-year – to 2.45 million tonnes.