Metinvest CEO Warns Ukraine Steel Industry Faces Collapse
Yuriy Ryzhenkov warns that Russian bombing and European Union trade restrictions are pushing Ukraine's steelmaking industry toward an inevitable collapse.
The CEO of Metinvest, Yuriy Ryzhenkov, warns that Ukraine's steelmaking industry faces potential collapse due to the combined impact of Russian military strikes and European Union trade barriers. Russian attacks on energy systems, railways, and factories forced the closure of two steel mills in August and September 2026, resulting in 14 deaths.
Economic pressures have intensified following the European Union's implementation of new tariffs in July 2026, which cut Ukraine's steel tariff-rate quota by 60%. The GMK Center estimates these restrictions will reduce annual steel imports from Ukraine to the EU by 1.3 million metric tons.
The industry has seen a steep decline in output and revenue over the last five years. Between 2021 and 2025, Ukrainian steel production dropped from 21 million to 7.4 million metric tons, while export values plummeted from $22 billion to $6 billion. Ryzhenkov asserts that the industry's economic viability is unsustainable without full access to the European market and an end to infrastructure disruptions.
