Metinvest produced 2.1 million tons of steel in 2024

Metinvest Group increased its steel production by 4% in 2024 compared to 2023, to 2.099 million tons. This is stated in the company’s report.

Pig iron production for the year increased by 3% y/y – to 1.82 million tons. In the fourth quarter, steel production by the group’s enterprises decreased by 14% q/q – to 489 thousand tons, and pig iron production decreased by 6% q/q – to 452 thousand tons.

The decline in pig iron production in Q4 was due to the scheduled maintenance of blast furnace No. 9 at Kamet-steel in October. The larger drop in steel production was the result of a shift in orders from finished products to commercial pig iron.

Over the year, the output of commercial steel products decreased by 3% y/y – to 3.02 million tons, while in the fourth quarter it fell by 3% q/q – to 716 thousand tons. In particular, rolled steel production amounted to 2.16 million tons (-6% y/y) in 2024 and 481 thousand tons (-2% q/q) in the quarter. The company explains the decline in rolled steel output by unfavorable conditions in the European market, especially in the flat products segment. At the same time, production of galvanized and long products increased over the year.

Production of iron ore concentrate (total) in 2024 reached 15.73 million tons, up 42% compared to 2023. Thus, the output of commercial products amounted to 14.83 million tons (+58% y/y), of which 8.8 million tons (+116.3% y/y) were concentrate and 6.02 million tons (+14% y/y) were pellets.

In the fourth quarter, Metinvest’s iron ore concentrate production increased by 4% q/q – to 3.49 million tons.

“The group’s mining and processing plants continued to operate at varying levels of capacity, taking into account the availability of electricity, its cost, market prices for iron ore products and other factors to ensure efficient production,” the company added.

Coal concentrate production for the year amounted to 4.28 million tons (-22% y/y), and for the quarter – 1.06 million tons (-7% q/q). Pokrovsk Coal Group produced 2.43 million tons (-22% y/y) of concentrate for the year, while United Coal Company (USA) produced 1.85 million tons (-21% y/y).

In early January 2025, the company announced the temporary suspension of Pokrovsk Coal Group’s operations due to the worsening security situation on the frontline and electricity shortages. The company plans to supply steel production with imported raw materials.

Last year, the company produced 1.12 million tons of coke (-10% y/y), and in the fourth quarter it produced 276 thousand tons (-2% q/q). The decline was due to the shutdown of coke oven battery No. 1 at Kamet-steel.

As GMK Center reported earlier, in 2023, Metinvest decreased steel production by 31% compared to 2022, to 2.025 million tons. Pig iron production for the year amounted to 1.76 million tons, down 36% compared to 2022, iron ore concentrate (total) – 11.09 million tons (+4% y/y), and coal (total) – 5.45 million tons (+10% y/y).