In one month, Turkish steel mills produced 3.25 million tons of steel
In January 2024, Turkish steel mills increased steel production by 24.6% compared to the same month in 2023, to 3.25 million tons. The country ranked 7th in the world ranking of steel producing countries (71) by the World Steel Association .
In January 2024, steel production in Turkiye increased by 0.7% compared to December 2023. Thus, the figure rose to its highest level since April 2022.
In 2023, Turkiye reduced steel production by 4% compared to 2022 – to 33.7 million tons, and in 2022 – by 12.9% per year, to 35.1 million tons. The decline in steel production in Turkey in 2022-2023 is due to macroeconomic instability, which has led to high uncertainty in the domestic market.
In 2023, the country's steel exports decreased by 30.6% per year – to 10.5 million tons. Export revenue decreased by 40.7% year on year – to US$8.3 billion. In 2022, Turkey's steel exports decreased by 23.5% compared to the previous year – to 15.1 million tons.
Analysts expect an improvement in the Turkish steel market this year, driven by growth in global steel demand, lower global interest rates, etc. In its October 2023 report, the Worldsteel Association predicts a 5% increase in steel consumption in Turkey in 2024 to 40.6 million tons.
TCUD predicts that domestic steel demand will grow in 2024, supported by investments and new capacities launched in the second half of 2023. In general, Turkish producers Kardemir, Yıldız, Colakoglu Metalurji, Hasçelik have planned multi-million dollar investments in new production facilities for 2024 and beyond. Due to difficulties with exports, Turkish companies intend to increase the production of products with greater added value for domestic needs.
