Slovakia increased steel production by 15.4% y/y in 2023

In 2023, Slovak steelmakers increased steel production by 15.4% compared to 2022, to 4.5 million tons. Thus, the country took 34th place in the global ranking of steel producers WordSteel, according to the association.

Slovakia has two steel mills – US Steel Kosice, with a capacity of 4.5 million tons of steel per year and 5 million tons of pig iron per year, and Max Aicher Slovakia Steel Mills Strazske (620 thousand tons of steel per year).

In 2022, Slovakia sharply reduced steel production by 20.4% y/y, to 3.9 million tons, and in 2021 it increased by 41.2% y/y, to 4.9 million tons. Thus, in 2023, Slovak steelmakers resumed production after a significant drop in 2022.

The favorable performance of the Slovak steel industry last year was due to an increase in production at US Steel Kosice. In 2023, the company produced 4.39 million tons of steel, up 14.5% y/y. Steel shipments by the plant increased by 3.7% y/y – to 3.899 million tons.

The company increased its performance despite scheduled maintenance in the summer, including at the blast furnace, and unfavorable conditions in the EU steel market.

In addition, in 2023, it became known that US Steel Kosice, as part of the EU’s ambitions to reduce industrial emissions, will receive €300 million from the government to implement decarbonization projects. The company plans to modernize its production facilities by replacing two blast furnaces with electric arc furnaces. The total cost of the project is estimated at over €1 billion.

In general, steel production in the EU countries in 2023 decreased by 7.4% compared to 2022 to 126.3 million tons.