Kazakhstan cut steel production by 6.4% m/m in November

In November 2024, steel enterprises of Kazakhstan reduced steel production by 6.4% compared to the previous month – to 322 thousand tons. This is evidenced by the data of the Statistical Committee of the Ministry of Economy, Kallanish reports.

Compared to November 2023, steel production by Kazakhstan’s metallurgists in November this year increased by 4.2% y/y.

Flat products production in November amounted to 205 thousand tons. This is down 3.8% month-on-month and 17.7% year-on-year.

In January-November 2024, Kazakhstan increased steel production by 10% compared to the same period in 2023, to 3.8 million tons. Flat products output reached 2.67 million tons, up 18.6% y/y.

In 2023, Kazakhstan increased steel production by 16.4% year-on-year – to 3.92 million tons. Production of flat products in the period fell by 3.6% compared to 2022, to 2.45 million tons.

Kazakhstan’s Qarmet steel plant produced 3 million tons of steel in 10 months of 2024. In general, the company plans to increase steel production in 2024 to 3.5 million tons compared to 2.9 million tons in 2023, and iron ore concentrate production by 10%, to 10 million tons. At the same time, coal production is expected to decline by 2%.

The Kazakh investor has pledged to invest another $3 billion to modernize production and protect the region’s environment, with $1.3 billion to be invested in 2024.