Kazakhstan increased steel production by 15% y/y in October

In October 2024, steel enterprises of Kazakhstan increased steel production by 15% compared to October 2023 – up to 343.82 ths tons. This is evidenced by the data of the Statistical Committee of the Ministry of Economy of the country, Kallanish reports.

Compared to September this year, steel production by Kazakhstan’s steelmakers in October fell by 5.2% y/y.

Production of flat products in October amounted to 213.39 ths tons. This is down 4.2% month-on-month and 3.3% y/y.

In January-October 2024, Kazakhstan increased steel production by 10.5% compared to the same period in 2023, to 3.49 million tons. Flat products output reached 2.47 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 Iron and Steel Works increased steel production by 14% in 9M2024 compared to the same period in 2023, to 2.6 million tons.

In total, 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 Kazakhstani investor has pledged to invest another $3 billion in modernizing production and protecting the region’s environment, with $1.3 billion planned to be invested in 2024.