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In the first half of 2024, Ukraine shows significant growth in the production of steel and cast iron, strengthening its position on the world market. According to Ukrmetallurgprom, steel production in the country increased by an impressive 37%, reaching 3.87 million tons, and pig iron production increased by 22%.
Growth in Ratings
Ukraine took 13th place in the ranking of the largest iron-producing countries and 21st place among steel producers. This is a significant achievement given the global decline in production in these industries, with total global pig iron production down 1.79% to 704 million tonnes and steel production down 0.01% to 954.7 million tonnes.
China’s leadership
China remains the undisputed leader in the production of steel and iron, its share in world production is 61.9% for iron and 55.6% for steel. However, despite the dominance of China, Ukraine shows stable growth, which is a strong indicator of the potential and development of the country’s metallurgical industry.
Achievements for six months
In January-May 2024, Ukraine has already produced 3.14 million tons of steel, which is 31.2% more compared to the same period last year. This indicates a positive dynamic that contributes to increasing economic stability and development of the industry.
Perspectives and Challenges
The growth of steel and iron production in Ukraine is an important indicator of economic development, especially in the context of global trends and challenges. Currently, Ukraine ranks 25th in the Worldsteel world rating, which is a significant step forward compared to previous years.
Ukraine continues to demonstrate its ability to adapt to market conditions and effectively use its resources. Further development of the metallurgical industry promises even more opportunities for economic growth and strengthening of the country’s position on the world stage.
It remains to be hoped that the positive trends will continue, and Ukraine will be able to further improve its position in the global ratings of steel and iron production.
