Metinvest CEO Warns Ukraine’s Steel Industry Faces Collapse as Bombing and EU Tariffs Bite
Metinvest CEO Yuriy Ryzhenkov says the current phase of the war is the hardest the company has faced since Russia’s full-scale invasion. Russian attacks forced both of Metinvest’s steel mills to stop, and 14 workers were killed in one of the deadliest strikes since 2023. New EU steel import quotas cut Ukraine’s allocation by 60% from July 2026, threatening to reduce exports by 1.3 million metric tons annually.
Metinvest is Ukraine’s biggest steel producer, led by Yuriy Ryzhenkov since 2013. It employs 33,700 people, while more than 8,000 staff are serving in the armed forces; hundreds of colleagues have died during the war. Recent Russian strikes halted output at both of its steel mills, and one attack killed 14 workers—the deadliest single bombing for the company since 2023.
Ukraine’s steel sector has shrunk sharply: output fell from 21 million metric tons in 2021 to 7.4 million in 2025, export value dropped from $22 billion to $6 billion, and tax receipts declined from $3.5 billion to $870 million. From July 2026, EU quotas would cut Ukraine’s allocation by 60%, potentially reducing annual exports by 1.3 million metric tons, according to the GMK Center.
The squeeze on Metinvest and Ukrainian steelmaking could deepen hardship for workers, their families, and towns reliant on mills, while lower export earnings and tax receipts may constrain public services and wartime supply chains. EU quota negotiations may determine whether the sector can retain enough market access to survive, affecting employment and Ukraine’s reconstruction capacity.