In August 2024, Kazakhstan’s metallurgical enterprises recorded a 7.3% year-on-year increase in steel production, reaching 341,940 tons. This growth reflects the continued expansion of the nation's steel industry, with key players contributing to the sector's rising output.
However, compared to July 2024, the production dipped slightly by 3.6%, signaling some monthly volatility in output. Flat product production for August totaled 190,770 tons, marking a significant 23.4% decrease month-on-month and a 13.7% drop compared to August 2023.
From January to August 2024, Kazakhstan’s total steel production rose by 9.4%, reaching 2.78mn tons. During this period, flat product output surged by 24% year-on-year to 2.03mn tons, underlining the country’s growing capacity in the metallurgical sector.
In 2023, Kazakhstan increased its annual steel production by 16.4%, reaching 3.92mn tons. Despite this overall increase, the production of flat products declined by 3.6%, amounting to 2.45mn tons.
Looking ahead, Qarmet, one of Kazakhstan’s key steel producers, has announced plans to boost its production in 2024. The company aims to increase steel output to 3.5mn tons, up from 2.9mn tons in 2023. Qarmet also expects to expand its iron ore concentrate production by 10%, while coal production is projected to decrease by 2%.
Qarmet, formerly ArcelorMittal Temirtau, came under new ownership last December when Qazaqstan Investment Corporation (QIC) acquired ArcelorMittal’s assets in Kazakhstan. As part of the acquisition, QIC pledged a $3bn investment to modernize production facilities and enhance environmental protections, with $1.3bn allocated for 2024.
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