In a remarkable turnaround, Ukrainian steelmakers have significantly boosted their production levels in 2024. According to the industry association Ukrmetallurgprom, the production of rolled steel products surged by 28.4% year-on-year, reaching a total of 3.728 million metric tons in the first seven months of the year. This increase reflects the resilience and recovery of Ukraine's steel industry, which has faced numerous challenges in recent years.
The production of crude steel also saw a substantial rise, jumping by 33.6% to 4.583 million metric tons during the same period. This upward trend indicates a strong revival in the sector, driven by both domestic demand and international market recovery. Additionally, pig iron production rose by 21.2%, amounting to 4.089 million metric tons, further showcasing the industry's rebound.
In July alone, Ukraine produced 588,600 metric tons of rolled steel, 708,900 metric tons of crude steel, and 621,400 metric tons of pig iron. These figures represent a slight decrease from June's production levels, which were 571,500 metric tons of rolled steel, 734,700 metric tons of crude steel, and 628,600 metric tons of pig iron. Despite the month-to-month fluctuations, the overall trend for the year remains positive, highlighting the sector's ongoing recovery.
In 2023, Ukraine had increased rolled steel production by 0.4% to 5.372 million metric tons. However, crude steel output experienced a slight decline of 0.6%, totaling 6.228 million metric tons, while pig iron production fell by 6.1% to 6.003 million metric tons. The contrasting trends between 2023 and the first half of 2024 illustrate a significant recovery and growth trajectory for the Ukrainian steel industry.
