Russia to produce 73 mnt of crude steel in 2024

• Steel output in 2024 to rise 0.4% y-o-y
  
  
• Domestic consumption drops 6% y-o-y
  
  

Mysteel Global: The Russian Ministry of Industry and Trade expects the country to melt 73 million tonnes (mnt) of crude steel this year. Additionally, according to the forecast of Russia's socio-economic development for 2025-2027, steel production in 2024 will rise 0.4% y-o-y to 76.3 mnt. The output of finished rolled ferrous metal products will increase by 0.2% y-o-y to 64.3 mnt.

It should be noted that in spring, the Ministry of Industry and Trade estimated steel production growth at around 1.3% y-o-y in 2024, after a 5.3% y-o-y increase in 2023. In October, the Russian Steel Association reported a 6% y-o-y decline in domestic steel consumption this year, while Severstal forecast a 5.7% y-o-y drop in demand.

At the same time, the ministry has highlighted the risks associated with the slowdown in the construction sector and rising mortgage rates, although, according to the head of the ministry, Anton Alikhanov, metallurgy is still in the growth zone. As such, the ministry intends to provide state support to companies.

Note: This article has been written in accordance with an article exchange agreement between Mysteel Global and BigMint.