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Industry revenue of »manufacture of basic iron, steel, ferro-alloys« in Finland 2011-2023

Although manufacturing of iron and steel is declining in majority of the European countries, including Hungary, Norway and Czech Republic to name a few, mainly due to the rising production costs, the Finnish industry is growing strong. Production of steel has increased from 3 million metric tonnes in 2009 to over 4.1 million metric tonnes in 2018, fuelled by the growing construction activity, advanced manufacturing capabilities, favorable government initiatives in the sector and the availability of a skilled workforce. The country’s strong manufacturing prowess has also led to it being the third largest exporter of flat-rolled steel in the world, as of 2017, according to data from commodity.com. Therefore it isn’t surprising to see that revenues of the iron, steel and ferro-alloys manufacturing industry are projected to grow from 6.6 billion U.S. dollars in 2011 to over 15 billion U.S. dollars by 2023.

Additionally, the industry is also known for its efficient use of raw materials. Over 90 percent of discarded steel products are re-processed in factories.

SSAB to cut workforce amid Covid-19 outbreak

One of leading steel manufacturers in the country, SSAB, is planning to lay off majority of its employees for an indefinite period, owing to the weakened market conditions as a result of the corona virus outbreak. The lay-offs will also be implemented in the subsidiary companies of SSAB, namely, Tibnor and Ruukki Construction.

Industry revenue of »manufacture of basic iron, steel, ferro-alloys« in Finland from 2011 to 2023

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Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Finland. The industry “manufacture of basic iron and steel and of ferro-alloys“ has the code “C241“.

Details on the methodology can be found here.

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