Ukraine increased rolled steel production by 6.6% y/y in February

In February 2025, Ukrainian steel enterprises increased rolled steel production by 6.6% compared to February 2024, to 476.9 thousand tons. Compared to the previous month, the figure decreased by 0.7%. This was reported by Ukrmetgprom.

Pig iron production last month increased by 9.8% y/y and decreased by 8.5% m/m to 544.4 thousand tons. Steel output amounted to 571.8 thousand tons, up 7.5% y/y and 6.4% m/m.

In January-February, the production of rolled products by steel enterprises increased by 6.3% compared to the same period in 2024, to 957.1 thousand tons. Pig iron production for the period increased by 8.5% y/y – to 1.14 million tons, and steel production by 9.9% y/y – to 1.18 million tons.

In 2024, Ukraine’s steel industry increased rolled steel production by 15.8% compared to 2023, from 5.37 million tons to 6.22 million tons. Last year, pig iron production increased by 18.1% y/y, from 6 million tons to 7.09 million tons, and steel production increased by 21.6% y/y, from 6.23 million tons to 7.58 million tons.

The results of the Ukrainian steel industry in 2024 were much better than expected. At the same time, GMK Center analysts predict that 2025 will be a difficult year as the global steel market is going through a crisis. Ukraine’s steel exports are likely to decline, the pricing situation will deteriorate, and import restrictions will tighten around the world.

In 2023, Ukraine’s rolled steel production increased by 0.4% compared to 2022 to 5.37 million tons. In 2022, production volumes were 5.35 million tons, with 3.12 million tons produced in the first quarter (mainly in January-February) and only 2.23 million tons in April-December.