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Ukraine’s metals industry on verge of systemic shutdown — agency

For Ukraine, a systemic crisis entails a loss of export revenues, rising construction costs, and issues with the hryvnia exchange rate, the RBC-Ukraine noted

MOSCOW, August 25. /TASS/. Ukraine’s metals industry has plunged into a deep crisis, the RBC-Ukraine news agency reported.

In August, two key enterprises, Zaporozhstal and ArcelorMittal Krivoy Rog, which together accounted for around 72% of Ukraine’s steel production in 2025, were put out of action as a result of explosions, according to the report.

For Ukraine, a systemic crisis entails a loss of export revenues, rising construction costs, and issues with the hryvnia exchange rate, the agency noted. If the two steel plants remain idle for an extended period, Ukraine risks losing roughly 72% of its steel production. According to the publication, this could result in a production cut of around 2 mln tons by the end of 2026, which in turn could lead to a loss of exports and foreign currency earnings.

President of the Ukrmetallurgprom industry association Alexander Kalenkov said earlier that the halt in maritime exports for mining and metallurgical enterprises threatens Ukraine’s macroeconomic stability as they could cease operations in the coming weeks. The situation is further complicated by the crisis within the Ukrainian steel industry itself. Import quotas imposed by the European Union on Ukrainian steel automatically reduce domestic demand for iron ore used to produce it. According to Kalenkov, unless the situation changes, the first to shut down will be the mining and processing plants that rely heavily on exports. Enterprises focused on the domestic market will be able to hold out longer, but they will also ultimately face a drop in demand.

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