Despite the war, Ukraine’s steel industry is operating at 91.9% capacity. 

According to him, 4.91 million tons of steel were produced in Ukraine in the first eight months of this year. Before the war, Ukrainian steel production capacity reached 25.3 million tons per year. Currently, 40% of this capacity has been lost due to occupation and destruction.

Ukraine is not creating excess supply; on the contrary, it must protect its domestic market from dumped imports. Therefore, the country is interested in observer status in the GFSEC.

 Ukraine’s steel industry increased its rolled steel production by 15.8% compared to 2023, from 5.37 million tons to 6.22 million tons. Last year, pig iron production increased by 18.1% y/y, from 6 million tons to 7.09 million tons, and steel production increased by 21.6% y/y, from 6.23 million tons to 7.58 million tons.

The industry’s results in 2024 turned out to be much better than expected. 2025 will be difficult as the global steel market is going through a crisis period. Steel exports from Ukraine are likely to decline, the price situation will worsen, and import restrictions will tighten around the world.

Source: https://gmk.center