Russia's steel production fell to its lowest level in 15 years in 2025 due to EU sanctions. The decline strengthens the position of Nordic steel producers.
Russia's steel production reached 67 million tons in 2025. This is the lowest level since the 2009 financial crisis and represents a 12 percent decrease compared with 2021.
The decline continued in the first quarter of 2026 with a further 10.4 percent drop. The EU and the US have closed their markets to Russian steel following the invasion of Ukraine, causing Russia to lose about 10 million tons in annual export volume.
Companies such as SSAB benefit from the tighter supply in Europe. At the same time, Russian producers including MMK reported a loss of nearly 15 billion rubles in 2025, while Severstal saw profits fall sharply.
