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Steel production in Russia increased by about 3 per cent in the first half of 2023

Viktor Evtukhov, Deputy Head of the Ministry of Industry and Trade of the Russian Federation, told reporters on the sidelines of the Economic Development Forum (EEF) that the country's steel production increased by about 3% in the first half of 2023.

Steel production in Russia increased by about 3 per cent in the first half of 2023

"The steel industry is going through a very positive period. In the first half of the year, steel production increased by almost 3% to 38 million tonnes. One of the main reasons for this increase is that the total demand for steel on the Russian market increased by about 10 per cent." He also stressed that the driving forces behind the growth include government-backed programmes such as modernisation of housing and communal services, infrastructure projects, as well as mechanical engineering and shipbuilding.

The Deputy Minister noted that currently metallurgical companies do not practice overpricing. Evtukhov says, "The price increases in the spring of this year were in response to market conditions and additional financial difficulties faced by companies at that time. These challenges included, in particular, higher prices for raw materials required for the production of metal products, logistics costs and the rise in the price of basic energy resources. However, as of now, prices have been stable for two quarters."


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