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Russia’s steel output to grow by 0.4% yoy to 76.3 mln tons in 2024 — ministry

In addition, the production of finished rolled ferrous metals in 2024 will amount to 64.3 million tons

MOSCOW, September 30. /TASS/. The Economic Development Ministry expects that pig iron production in Russia in 2024 will amount to 54.7 million tons (+0.2% compared to 2023), will steel production will grow to 76.3 million tons (+0.4% compared to 2023), according to the forecast of socio-economic development of the country for 2025 and for the planning period of 2026 and 2027.

"In 2023, there was a tendency for a slight increase in production indicators at metallurgical and pipe enterprises due to an increase in demand for metal products from key consumers in the domestic market," the document notes.

In addition, the production of finished rolled ferrous metals in 2024 will amount to 64.3 million tons (+0.2% year-on-year). By 2027, the growth in the production of finished rolled ferrous metals will be 7%, reaching 68.7 million tons. At the same time, the volume of steel pipe production in 2027 will be 13.5 million tons (+1.5% compared to the 2023 level).

Non-ferrous metallurgy

According to the ministry’s forecast, in non-ferrous metallurgy, production growth by the end of 2023 amounted to 2.2%, the extraction of non-ferrous metal ores increased by 0.3%.

"In terms of ensuring and rational use of raw materials for non-ferrous metallurgy, new investment projects are being implemented in the Russian Federation and import supplies of raw materials are being diversified while reducing import supplies from unfriendly countries," the document says.

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