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Ukrainian metallurgists cut steel output

In September 2024, Ukrainian metallurgical enterprises reduced the output of rolled products by 14.5% compared to the previous month - to 503.9 thousand tons. This is evidenced by the data of Ukrmetallurgprom.

Ukrainian metallurgists cut steel output

Steel production for the month amounted to 610 thousand tons, which is 11.7% less than in August this year, and pig iron production amounted to 624.1 thousand tons (-3% m/m).

Monthly production rates of steelmakers slowed down significantly as Ukrainian enterprises face a number of challenges, including deteriorating situation in the country's energy system, staff shortages due to mobilization and imperfect reservation system, logistical problems and unfavorable conditions in the global steel market.

Compared to September 2023, in September this year, the production of rolled steel decreased by 3%, steel by 9.3% and pig iron by 28.3%.

In January-September 2024, Ukrainian metallurgists increased output of rolled products by 22.7% year-on-year to 4.82 million tons, steel production - by 28.2% to 5.88 million tons, iron production - by 21.9% to 5.36 million tons.

In the third quarter of 2024, pig iron production was 1.89 million tons, up 0.6% from the previous quarter and up 21.3% from the previous quarter. Steel output for the period was down 8.1% QoQ and up 14.1% YoY to 2.01 million tons, while rolled steel output was down 3.9% QoQ and up 8.2% YoY to 1.68 million tons.

As previously reported, in 2023, Ukrainian steelmakers increased rolled steel production by 0.4% YoY to 5.37 million tons in 2022. Iron production for the year amounted to 6 million tons, down 6.1% YoY from 2022, and steel production was 6.23 million tons (-0.6% YoY).

Steelmaking grew or approached 2022 levels, where the bulk of production occurred in the pre-war January-February period.

Rolled steel exports in 2023 were 1.78 million tons, compared to 2.47 million tons in 2022 and 8.34 million tons in 2021. Imports of related products totaled 1.18 million tons last year, compared with 621,600 tons in 2022 and 1.12 million tons in 2021.

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