Ukraine reduced rolled steel production by 11.8% y/y in May

In May 2025, Ukrainian steel enterprises reduced production of commercial rolled steel by 4% compared to the previous month, to 524.9 thousand tons. Compared to May 2024, the volume fell by 11.8%. This is evidenced by the data of Ukrmetprom.

Pig iron production for the month decreased by 2.3% m/m and 1.3% y/y – to 644.7 thousand tons, and steel production by 8.1% m/m and 13.8% y/y to 635.8 thousand tons.

In January-May, Ukrainian steelmakers reduced rolled steel output by 2.4% compared to the same period in 2024, to 2.507 million tons. Pig iron production increased by 5.9% y/y – to 3.007 million tons, while steel production fell by 2.5% y/y – to 3.061 million tons.

As GMK Center reported earlier, 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 industry’s performance in 2024 was 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 price situation will deteriorate, and import restrictions will tighten around the world.