Despite international sanctions, Russia's steel industry continues to grow. The country’s crude steel production was expected to exceed 75 million tons in 2023, and the upward trend is likely to continue into 2024, supported by strong domestic demand and exports to Eurasian markets.

Russia’s steel production fully resumed and started to increase in the second half of 2022. In the first 11 months of this year, Russia’s steel output amounted to roughly 70 million tons, a year-on-year growth of 5.7%. Steel production was expected to be 75.9 million tons this year, upheld by the construction, machinery, and automotive industries.