Ukrainian steelmakers produced 6.22 million tons of rolled products in 2024

Production increased by 15.8% y/y

In 2024, Ukrainian steel companies increased their rolled steel production by 15.8% compared to 2023, from 5.37 million tons to 6.22 million tons, according to Ukrmetalurgprom. At the same time, the figure is significantly lower than pre-war levels, in particular, in 2021, rolled steel production exceeded 19.08 million tons (production includes Azovstal and Ilyich Iron and Steel Works of Mariupol).

Ukraine’s rolled steel production was marked by an upward trend in Q2 2024 and a gradual decline in Q3-Q4. In particular:

• Q1 – 1.39 million tons (-3.7% q/q; +35.5% y/y);
• Q2 – 1.75 million tons (+26% q/q; +29.7% y/y);
• Q3 – 1.68 million tons (-3.9% q/q; +8.2% y/y);
• Q4: 1.4 million tons (-16.8% q/q; -3% y/y).

The high performance of rolled products in Q2-Q3 was supported by the launch of sea exports at the beginning of the year, which allowed the company to export finished products to distant markets and stimulated production. At the end of the year, demand in the global steel market slowed, and energy supply problems, coupled with rising electricity and logistics tariffs, forced domestic producers to slow down production.

In December 2024, Ukraine produced 480.8 thousand tons of rolled products, up 0.8% month-on-month and 5.4% year-on-year. The average monthly output of rolled products during the year was 518.4 thousand tons, compared to 447.7 thousand tons in 2023.

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 price situation will deteriorate, and import restrictions will tighten around the world.

As GMK Center reported earlier, rolled steel production in Ukraine increased by 0.4% in 2023 compared to 2022 to 5.37 million tons. In 2022, production volumes were 5.35 million tonnes, with 3.12 million tonnes produced in the first quarter (mainly in January-February) and only 2.23 million tonnes in April-December.