According to Worldsteel, global production of iron and steel in January-April 2024 decreased by 2.43% and 0.89%, respectively, compared to the same period last year. China, which remains the industry leader, also experienced a decline in production.
About this informs “Ukrmetalurgprom”
At the same time, Ukraine demonstrated significant growth in the production of both iron (by 25.1%) and steel (by 32.76%). Thanks to this, Ukraine rose one position in the world ranking of steel producers, taking 22nd place.
Key facts:
Cast iron: world production decreased to 460.57 million tons, China smelted 284.99 million tons (-4.3%), Ukraine increased production to 2.19 million tons (+25.1%).
Steel: world production amounted to 625.37 million tons, China smelted 343.67 million tons (-3%), Ukraine increased production to 2.40 million tons (+32.76%).
The main factors affecting the world production of metal:
- Declining demand in some key markets.
- Global economic challenges, including inflation and supply chain issues.
- Geopolitical instability.
The reasons for the growth of metal production in Ukraine:
- Industrial recovery after the initial shock of a full-scale invasion.
- Increase in domestic demand for metal products, in particular for reconstruction.
- The export potential of Ukrainian metal, especially against the background of sanctions against Russia.
