Ukrainian steelmakers produced 595 thousand tons of rolled steel in May

In May 2024, Ukrainian steel enterprises increased rolled steel production by 1.8% compared to the previous month to 594.9 thousand tons. This is evidenced by the data of Ukrmetalurgprom.

Steel production for the month amounted to 737.6 thousand tons, up 3.2% compared to April this year, and pig iron production amounted to 653.1 thousand tons (+9.4% m/m).

Monthly production growth rates are gradually slowing down as domestic enterprises face a number of challenges, including a deteriorating situation in the country’s energy system, staff shortages due to mobilization and an imperfect booking system, logistical problems and unfavorable conditions in the global steel market.

Compared to May 2023, rolled steel production increased by 26.5% in May this year, steel production – by 26.5%, and pig iron – by 8.2%.

In January-May 2024, the production of rolled products by Ukrainian steelmakers increased by 29.5% compared to the same period in 2023 to 2.57 million tons, steel production by 31.2% – to 3.14 million tons, and pig iron production – by 20.8%, to 2.84 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.