The Government of Kazakhstan continues to make serious investments in line with its goal of modernizing the iron and steel sector. Acting with the goal of increasing production capacity by 20% by 2025, the government aims to increase efficiency and diversity in the sector.
Kazakhstan, which contains approximately 1.5% of the world's iron reserves with its iron ore and coal riches, has an impressive potential in the iron and steel sector. This sector, which is expected to supply the country's mineral reserves for at least 60 years, contributes greatly to the economic development of Kazakhstan.
According to 2023 data, mining and metallurgical production reached 6.2 billion dollars in total. 99.4% of this figure comes from metal ore mining and 94.8% from the metallurgical industry. The country's success in steel production causes it to rank 37th in the world and 3rd among CIS countries.
Kazakhstan managed to produce 3.92 million tons of steel in 2023, recording a 16.4% increase in steel production. This production reached a value of 6.4 billion dollars. The country's export revenue from steel products exceeded 5 billion dollars. However, there was a 9.90% decrease in iron ore production at the beginning of 2024, which may affect the balance in the sector.
The country's success story in this field is shaped by the contributions of local and international companies. Large companies such as Qarmet (formerly ArcelorMittal Temirtau), Almaty Heavy Machine Building Plant JSC, Eurasian Resources Group (ERG), Temirtay Electrometallurgical Plant JSC, EVRAZ Caspian Steel and SteelProKazakhstan are among the important actors leading the growth of Kazakhstan in the iron and steel sector.
The country's success story in this field attracts attention in the international market as well as in local companies. Kazakhstan's rise in the iron and steel industry continues to be an important success story in terms of economic growth and international competitiveness.
Comments
No comment yet.