Exclusive Ukrainian steelmakers cut exports of semi-finished products by 38% y/y in January-September

During the period, the bulk of production was exported to Bulgaria, Turkey and Poland

In January-September 2025, Ukrainian steel companies reduced exports of semi-finished steel products by 38.5% compared to the same period in 2024, to 941.51 thousand tons. This is evidenced by GMK Center calculations based on data from the State Customs Service.

The key destinations for semi-finished products exports during the period were Bulgaria – 344.71 thousand tons (-25.4% y-o-y), Turkey – 165.37 thousand tons (+4.3% y/y), Poland – 120.49 thousand tons, and Egypt – 99.26 thousand tons (-69.5% y/y).

In Q3, shipments of semi-finished products decreased by 41.3% compared to the same period in 2024, but increased by 39.3% q-o-q to 376.83 thousand tons, the highest figure since Q3 last year.

In September, Ukrainian steel companies exported 145.74 thousand tons of semi-finished products, which is 61.7% more than in the previous month, but 35% less than in September 2024. The indicator reached its maximum since April this year.

Last month, 30.4 thousand tons of semi-finished products were shipped to Bulgaria (-15.4% month-on-month; -10.6% y/y), Turkey – 28.15 thousand tons (-26.8% y/y; +64.1% y/y), Poland – 13.46 thousand tons (+57.3% m/m), Egypt – 48.25 thousand tons.

Export revenue for the first nine months decreased by 40.7% y/y – to $450.24 million, while in September it increased by 60.1% m/m and decreased by 39.7% y/y – to $66.03 million. During the quarter, the indicator fell by 46.1% y/y, but grew by 22.6% q/q, to $171.75 million.

As reported by GMK Center, at the end of 2024, Ukraine increased its exports of semi-finished steel products by 56.7% compared to 2023, from 1.2 million tons to 1.89 million tons.

Export shipments increased due to the resumption of maritime exports to distant markets, in particular to Egypt – 356.17 thousand tons (+1233% y/y). Bulgaria received 595,020 tons of products (+30% y/y), and Turkey received 215,760 tons. The main surge in exports occurred in the third quarter (641,900 tons), which contributed to a significant increase in annual export volumes.

Ukrainian steelmakers’ export revenues for the year increased by 52.4% – to $927.55 million.