Ukrainian steelmakers produced 480 thousand tons of rolled products in January

In January 2025, Ukrainian steel companies reduced rolled steel production by 0.2% compared to the previous month, to 480 thousand tons. Production volumes increased by 6% compared to January 2024. This is evidenced by the data of Ukrmetprom.

In January 2025, Ukrainian steelmakers produced 611 thousand tons of steel, up 11.7% m/m and 12.3% y/y, and 595 thousand tons of pig iron (+5.2% m/m, +7.3% y/y).

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.