In a significant development for the steel industry, Russia is poised to see a growth in steel consumption of 3-5% according to the latest reports from the Russian Steel Association. The country has already marked its highest annual steel consumption of the 21st century in 2023, surpassing 46 million tonnes.

This upward trend underscores the vital role of exports in accommodating the domestic production of finished steel products, which amounted to 70 million tonnes in 2021. The association, however, did not disclose the production volume for 2023. These figures highlight the importance of the steel industry in Russia's economy and its continued expansion in the global market.