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Russian iron and steel industry is expected to stagnate until 2030

Due to the Western sanctions, the Russian iron and steel industry may stagnate until 2030.

Russian iron and steel industry is expected to stagnate until 2030

While the Russian iron and steel industry is assumed to stagnate until 2030 due to the Western sanctions, keeping steel production volumes at 2021 is considered the most optimistic scenario, according to the Ministry of Industry and Trade of the Russian Federation.

The Ministry of Industry and Trade of the Russian Federation has developed a strategy for the development of the country's iron and steel industry for the period up to 2030, which explains the prospects of the industry due to the large-scale Western sanctions.

The representative of the Ministry confirmed that the department had prepared a draft strategy for the iron and steel industry until 2030. He stated that the strategy is still in progress and the final version has not yet been published.

A development option has also been included in the Ministry’s plans in which Russian iron and steel enterprises could resume export to Europe already from 2024–2025.

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