Košice Steel Plant Reduces Losses but Remains Unprofitable in 2024

U.S. Steel Košice, the major steel plant in eastern Slovakia, cut its annual losses from 100 million euros to 56 million euros in 2024, though the facility remained unprofitable for another year. The reduced losses came primarily from lower raw material costs, but the company continued to struggle with weak market demand and rising wage expenses that offset operational improvements. The Košice steel plant, which employs thousands of workers and represents one of Slovakia's largest industrial facilities, has faced ongoing financial challenges amid difficult conditions in the European steel sector. The plant changed ownership during 2024 when Japanese conglomerate Nippon Steel acquired U.S. Steel, the American company that had operated the facility. Company officials indicated that the situation could improve modestly in 2025 due to anticipated recovery in steel demand, though the plant faces continued pressure from global market conditions and rising operational costs in the competitive European steel industry.