Ukrainian steelmakers produced 589 thousand tons of rolled steel in July

Steel production for the month amounted to 708.9 thousand tons, and pig iron – 621.4 thousand tons

In July 2024, Ukrainian steel enterprises increased rolled steel production by 3% compared to the previous month, to 588.6 thousand tons. This is evidenced by data from Ukrmetalurgprom.

Steel production for the month amounted to 708.9 thousand tons, which is 3.5% less than in June this year, and pig iron production amounted to 621.4 thousand tons (-1.1% m/m).

The monthly production rate of steelmakers has mostly slowed down as domestic enterprises face a number of challenges, including the deterioration of the country’s energy system, staff shortages due to mobilization and an imperfect reservation system, logistical problems and unfavorable conditions in the global steel market.

In July 2024, rolled steel production increased by 11.4% compared to July 2023, steel production by 17.9% and pig iron production – by 15.5%.

In January-July 2024, the production of rolled products by Ukrainian steelmakers increased by 28.4% compared to the same period in 2023 – to 3.73 million tons, steel production – by 33.6%, to 4.58 million tons, and pig iron production – by 21.2%, to 4.09 million tons.

As GMK Center reported earlier, in 2023, Ukrainian steelmakers increased rolled steel production by 0.4% compared to 2022, to 5.37 million tons. Pig iron production during the year amounted to 6 million tons, down 6.1% compared to 2022, and steel production amounted to 6.23 million tons (-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 in 2023 amounted to 1.78 million tons, while in 2022 it was 2.47 million, and in 2021 – 8.34 million tons. Imports of the relevant products reached 1.18 million tons last year, 621.6 thousand tons in 2022, and 1.12 million tons in 2021.