Slovakia reduced steel production by 11.7% y/y in 2024

In 2024, Slovakia’s steel industry reduced steel production by 11.7% compared to 2023, to 3.9 million tons. Thus, the country ranked 36th in the global ranking of steel-producing countries (71), while in 2023 it was 34th, according to World Steel.

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

Over the past 6 years, steel production in the country has fluctuated between 3.4 and 4.9 million tons, including:

• 2019 – 3.9 million tons;
• 2020 – 3.4 million tons;
• 2021 – 4.9 million tons;
• 2022 – 3.9 million tons;
• 2023 – 4.4 million tons;
• 2024 – 3.9 million tons.

The negative results for 2024 reflect a 12.8% decline in steel production by Slovakia’s key producer US Steel Kosice compared to 2023, down to 3.83 million tons. The company currently operates two blast furnaces, BF No. 1 and No. 2. BF No. 3 is idle (1.7 million tons per year). The main challenges for the company this year include low demand for steel, falling product prices, rising energy costs and CO2 emissions.

Overall, steel production in the European Union increased by 2.6% in 2024 compared to 2023 to 129.5 million tons. Global steel production for the year amounted to 1.84 billion tons, down 0.9% year-on-year.

Demand for steel in the EU is expected to recover in 2025, boosting production both in Slovakia and other countries of the bloc.