Ukrainian steelmakers produced 589.3 thousand tonnes of rolled steel in August

Steel production for the month amounted to 690.7 thousand tons, and pig iron – 643.6 thousand tons

Ukrainian steel enterprises increased rolled steel production by 0.1% – to 589.3 thousand tonnes in August 2024 compared to the previous month. This is evidenced by data from Ukrmetalurgprom.

Steel production for the month totalled 690.7 thousand tonnes, down 2.6% compared to July this year, and pig iron production was 643.6 thousand tonnes (+3.6% m/m).

Month-on-month production rates by steelmakers have mostly slowed down as domestic enterprises face a number of challenges, including a deteriorating situation in the country’s power grid, staff shortages due to mobilisation and an imperfect booking system, logistical problems and unfavourable conditions in the global steel market.

Compared to August 2023, rolled steel production increased by 16.3% in August this year, while steel production increased by 14.7% and pig iron production by 20.7%.

In January-August 2024, Ukrainian steelmakers increased their rolled products output by 26.6% year-on-year to 4.32 million tonnes, steel production by 30.8% to 5.27 million tonnes and pig iron production by 21.1% to 4.73 million tonnes.

As GMK Center reported earlier, in 2023, Ukrainian steelmakers increased rolled steel production by 0.4% compared to 2022, to 5.37 million tonnes. Pig iron production during the year totalled 6 million tonnes, down 6.1% from 2022, and steel production was 6.23 million tonnes (-0.6% y/y).

The domestic steel industry has increased or approached the levels of 2022, where the bulk of production was in pre-war January-February.

Exports of rolled steel products totalled 1.78 million tonnes in 2023, compared to 2.47 million in 2022 and 8.34 million tonnes in 2021. Imports of the relevant products reached 1.18 million tonnes last year, 621.6 thousand tonnes in 2022 and 1.12 million tonnes in 2021.