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Union: Ukraine's rolled-steel exports and output will rise by 2024.

Ukrmetprom, the local steel producer's union, said that Ukrainian steelmakers have increased their rolled steel production so far by 20.6% in 2024. They also increased exports by 53.5 percent.

The union reported late Monday that the rolled steel production reached 5.3 millions tons between January and October, compared to 4.4 million tons one year ago. Exports also increased from 2.4million tons to 3.7million tons.

Ukraine is one of the world's largest steel producers and exporters, but production has dropped sharply in recent years since the start of the war with Russia 2022. This was due to the loss of several large steel plants located in the east.

Russian troops are only a few kilometers away from the mine at Pokrovsk which is still operating. This could add an extra test to the Ukrainian steel industry.

Oleksandr Kalenkov told Ukrmetprom last month that due to the loss of Pokrovsk, the steel production could fall to 2-3 million tonnes a year, from the 7.5 million tonnage expected in 2024.

According to trade data, metal exports in the first eight month of this year were worth nearly $2 billion. This money was needed to keep Ukraine afloat two and half years after Russia's invasion.

Ukrainian exports are dominated by agricultural and steel products. (Reporting and editing by Kirsty Donovan; Pavel Polityuk)

(source: Reuters)