Industry Ministry sees Russian steel output growing 1.3% in 2024

MOSCOW. March 15 (Interfax) - Russian steel production will grow by 1.3% in 2024, the Industry and Trade Ministry expects.

"For January 2024, 1.3% growth of steel production was recorded in Russia. We expect similar figures for the year as well," the ministry's press service told Interfax.

Demand for steel products is being driven primarily by domestic demand, which is being supported by housing and infrastructure construction projects, as well as orders from domestic heavy machinery manufacturers and shipbuilders, the ministry said, adding that the substantial growth seen in 2023 was due to the recovery and expansion of domestic demand after the low base of 2022.

"Therefore, we will be comparing this year's figures with the high base of 2023, when we essentially repeated the figures of 2021, which were the highest in Russia's recent history," the ministry said.

The ministry earlier estimated that steel production in Russia grew by 5.3% in 2023. The World Steel Association estimated in late January that Russian steel production rose 5.6% to 75.8 million tonnes in 2023.