"Rustavi Steel", one of Georgia’s largest metallurgical companies, says that the company has already tripled its production of seamless pipes and is preparing for another leap forward.
In an exclusive conversation with BMG, Rustavi Steel CEO Igor Koritko explained that the enterprise produced just 10,000 tons of seamless pipes in 2023. This year, that figure has jumped to 30,000 tons.
"We tripled output in 2024, and our goal is to double this number again within the next one or two years, to 60,000 tons annually. After that, in three to four years, we want to reach 120,000 tons. This market is stable worldwide, and there will always be space for our product,” Koritko said.
The company’s strategy marks a clear shift away from rebar, a product mostly sold on Georgia’s domestic market, toward seamless pipes, which are entirely exported, mainly to the United States and Europe.
The management explains this choice simply: pipes are more profitable, create higher added value, and are in constant demand abroad. However, they also admit that one of the company’s biggest challenges is the shortage of raw materials in the local market.
Alongside higher production volumes, the company says its financial results are also improving.
According to Koritko, Rustavi Steel’s revenue in 2024 reached 290 million GEL, a 20% increase compared to 2023. More importantly, the company managed to turn around its profitability:
“In 2023, our EBITDA was in the red. In 2024, we closed in the positive. For us, this was the most important signal, that the company can be not just operationally strong, but financially sustainable too. Still, this is only the beginning. We believe Rustavi Steel has enormous potential to grow production and strengthen its financial results even further,” Koritko noted.
