Before the full-scale war, the metallurgical industry accounted for approximately 7% of Ukraine’s GDP, but it has now all but vanished. Oleksandr Myronenko, Chief Operating Officer of Metinvest, stated this in an interview with Forbes Ukraine, as reported by Ukrainian News.<\/p>\n
“The metallurgical industry as a whole used to contribute up to 7% of Ukraine’s GDP. Now, that figure is likely close to zero. That is the scale of the losses,” he said.<\/p>\n
According to Myronenko, the Central and Northern Mining and Processing Plants (GOKs) are currently operating at 50% capacity, producing pellets and high-quality iron ore concentrate for export to the EU.<\/p>\n
“The Southern GOK\u2014our joint venture with partners\u2014is currently idle due to the closure of Ukrainian ports. Operations at the Inhulets GOK were halted in 2024; production there is simply not cost-effective due to high electricity prices. The asset has been properly mothballed, and we will be able to resume production if market conditions become favorable,” the Metinvest executive said.<\/p>\n
Meanwhile, Kametstal and Zaporizhstal are in the process of recovery and debris removal following shelling attacks on these facilities in August and September of this year. Myronenko emphasized that the blockade of seaports also poses a major challenge for the industry. “After all, without open ports, even restored assets cannot operate at full capacity. Operations at the Southern GOK have halted; this facility used to export up to 1 million tonnes of ore per month. The Northern and Central GOKs also exported approximately another 0.5 million tonnes via the ports. That amounts to 1.5 million tonnes of port-based exports lost each month\u2014and that is before even factoring in metal products,” he said.<\/p>\n
Due to the port blockade, the EU market is currently the only destination where the company can export its products; other markets are inaccessible due to high logistics costs. Occasionally, when market conditions are favorable, pig iron is shipped to the USA via Poland.<\/p>","protected":false},"excerpt":{"rendered":"
Before the full-scale war, the metallurgical industry accounted for approximately 7% of Ukraine’s GDP, but it has now all but vanished. Oleksandr Myronenko, Chief Operating Officer of Metinvest, stated this in an interview with Forbes Ukraine, as reported by Ukrainian News. “The metallurgical industry as a whole used to contribute up to 7% of Ukraine’s […]<\/p>\n","protected":false},"author":1,"featured_media":11860,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-11859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-expert"],"_links":{"self":[{"href":"https:\/\/corporativ.info\/en\/wp-json\/wp\/v2\/posts\/11859","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporativ.info\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corporativ.info\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corporativ.info\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/corporativ.info\/en\/wp-json\/wp\/v2\/comments?post=11859"}],"version-history":[{"count":2,"href":"https:\/\/corporativ.info\/en\/wp-json\/wp\/v2\/posts\/11859\/revisions"}],"predecessor-version":[{"id":11880,"href":"https:\/\/corporativ.info\/en\/wp-json\/wp\/v2\/posts\/11859\/revisions\/11880"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corporativ.info\/en\/wp-json\/wp\/v2\/media\/11860"}],"wp:attachment":[{"href":"https:\/\/corporativ.info\/en\/wp-json\/wp\/v2\/media?parent=11859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corporativ.info\/en\/wp-json\/wp\/v2\/categories?post=11859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corporativ.info\/en\/wp-json\/wp\/v2\/tags?post=11859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}