Kazakhstan's steel enterprises produced 322,000 tons of steel in November 2024, marking a 6.4% decline compared to October, according to the Statistical Committee of the Ministry of Economy, as reported by GMK center.
Despite the monthly drop, steel output showed a year-on-year increase of 4.2% compared to November 2023. Production of flat steel products in November reached 205,000 tons, down 3.8% month-on-month and 17.7% year-on-year (y/y).
From January to November 2024, Kazakhstan's steel production rose by 10% y/y, totaling 3.8mn tons. Flat products output also saw significant growth, increasing by 18.6% y/y to 2.67mn tons during the same period.
In contrast, Kazakhstan produced 3.92mn tons of steel in 2023, a 16.4% y/y increase. However, flat products output in 2023 declined by 3.6% compared to 2022, totaling 2.45mn tons.
Kazakhstan’s Qarmet steel plant has been a key player in the sector, producing 3mn tons of steel in the first 10 months of 2024. The company aims to increase its annual steel production to 3.5mn tons in 2024, up from 2.9mn tons in 2023. Additionally, iron ore concentrate production is expected to grow by 10%, reaching 10mn tons, while coal production is projected to decline by 2%.
The Kazakh investor behind Qarmet has pledged $3bn for modernization efforts and environmental protection. Of this, $1.3bn will be allocated in 2024 to upgrade facilities and implement sustainable practices.
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