Posted on 27 Mar 2025
In February 2025, Turkish steelmakers reduced steel production by 8.7% compared to the previous month and by 6.1% compared to February 2024, to 2.92 million tons. The figure fell to its lowest level since April last year. This is evidenced by data from the Global Steel Association WorldSteel.
Pig iron production in the country last month fell by 6.2% m/m and 15% y/y – to 716 thousand tons, the lowest since March 2023.
In January-February, Turkey’s steel industry reduced steel production by 3.7% compared to the same period in 2024, to 6.13 million tons. Pig iron production for the period fell by 15.3% y/y – to 1.48 million tons.
In 2024, Turkish steelmakers increased steel production by 9.4% compared to 2023, to 36.89 million tons. Pig iron production in the country increased by 17.2% y/y last year – to 10.19 million tons. The average monthly steel production amounted to 3.07 million tons compared to 2.81 million tons in 2023, and pig iron production was 848.8 thousand tons and 724.2 thousand tons, respectively.
Turkey’s steel industry grew last year after 2 years of stagnation. This was facilitated by the active development of infrastructure projects, including the recovery of regions after the earthquake, export growth in the face of changes in global markets, and the modernization of metallurgical facilities.
Despite the positive dynamics, global challenges, such as volatile demand and competition from Asian producers, remain relevant and affect the indicators of the beginning of the year. In general, further growth is likely in 2025, driven by government investment, expanding markets in the region and the integration of green technologies, although the risks of lower commodity prices and geopolitical instability remain.
WorldSteel expects steel demand in Turkey to decline by 1.7% in 2025 compared to 2024, to 35.5 million tons. At the same time, in 2024, the figure was expected to reach 36 million tons, down 5.5% y/y.
Source:GMK Center
