The share of exports also rose significantly, with 67% of the total production being exported, up from 55.4% in 2023. This shift suggests a growing reliance on international markets for Ukrainian steel.
Looking at the export composition, semi-finished products saw the biggest increase, accounting for 46.05% of total exports in 2024, up from 42.04% in 2023. Flat rolled products remained stable, while long rolled products experienced a decline, dropping from 17.69% in 2023 to 14.73% in 2024. This change could be due to shifts in demand or production strategies.
On the domestic front, the market capacity decreased by 6.26% in 2024, with the domestic market now standing at 3.288 million tons. At the same time, imports made up a larger share of the market, rising from 31.95% in 2023 to 37.57% in 2024.
The primary export markets for Ukrainian steel in 2024 were the European Union (70.7%), followed by Africa (10.1%) and the rest of Europe (8.3%).
Ukrainian steel industry saw growth in production and exports in 2024. However, the shrinking domestic market and increased reliance on imports pose challenges. The shift toward semi-finished product exports reflects changing global demands, while the industry will need to maintain strong export markets and address domestic import dependencies to ensure future sustainability.
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