In November 2024, Kazakhstan’s steel production experienced a 6.4% month-on-month decline, with 322,000 tons of steel produced, as reported by the Statistical Committee of the Ministry of Economy. This reduction marks a setback for the country’s steel sector, although steel output showed a 4.2% increase compared to November 2023, reflecting a year-on-year growth trend.
The production of flat products in November also saw a decrease, falling to 205,000 tons, which was down 3.8% from the previous month and 17.7% from the same period in 2023. Despite the monthly decline, Kazakhstan’s steel sector showed overall positive growth for the year. In the January-November 2024 period, steel production increased by 10%, totaling 3.8 million tons, compared to the same period in 2023. Flat product output rose by 18.6%, reaching 2.67 million tons. In 2023, Kazakhstan’s steel production grew by 16.4% year-on-year, reaching 3.92 million tons, while the production of flat products saw a decline of 3.6%, totaling 2.45 million tons.
Meanwhile, Qarmet Steel, one of Kazakhstan’s key producers, produced 3 million tons of steel during the first 10 months of 2024. The company plans to increase its annual steel production to 3.5 million tons by the end of 2024, up from 2.9 million tons in 2023, and expects a 10% increase in iron ore concentrate production, although coal production is expected to decline by 2%. The Kazakh investor behind the steel plant has pledged to invest $3 billion in modernizing production facilities and improving the region’s environmental sustainability, with $1.3 billion allocated for investment in 2024.
