Turnover and production volumes are stabilising

According to preliminary estimates, the turnover of metals industry companies (steel products, non-ferrous metals, castings and metallic minerals) in Finland decreased by approximately 9 per cent in 2024 from 2023. In 2024, their turnover in Finland amounted to slightly more than EUR 13 billion. Last year, revenue was burdened by producer prices that were substantially lower than in the previous year, and by industrial action in early 2024.

The combined production volume of the industry (turnover deflated by the change in producer prices) was three per cent lower in January–November 2024 than in the corresponding period of 2023.

The number of personnel employed by metals industry companies in Finland grew by one per cent in 2024 from the 2023 average. The industry employed 16,300 people on average in 2024, about 200 more than in the previous year. At the end of December, the number of personnel was 16,200.

Compared to the corresponding period of the previous year, global steel production declined by 1.4 per cent during the January–November period of 2024. Production volumes have increased in the EU (2.2%) and decreased in territories such as North America (-4.1%) and Asia (-1.8%). The output of Asia’s major steel-producing countries has been clearly declining this year. Production volumes have decreased by 2.7 per cent in China, 3.6 per cent in Japan, and 4.9 per cent in South Korea. India is the only major steel producer to have increased its production: +5.9 per cent.

China, India, Japan and the United States were the largest steel producers in January–June. China accounted for approximately 55 per cent of global steel production.