Leading Ukraine's steelmaker through war

Yuriy Ryzhenkov has been CEO of Metinvest, Ukraine's largest steelmaker, since two thousand thirteen. The company employs thirty three thousand seven hundred people. More than eight thousand are fighting Russian forces.

Factories under constant bombardment

Metinvest factories face relentless Russian attacks. Hundreds of colleagues have been killed. In August and September this year, bombing campaigns forced the company to stop both steel mills.

Devastating single bombing in two thousand twenty-six

Metinvest lost fourteen people at its steel mills in a single bombing, the largest loss since two thousand twenty-three. Ryzhenkov says the August and September campaigns were among the most severe of the war.

EU cuts Ukraine's steel quota by sixty percent

In July, the European Union applied new tariffs to steel imports. Ukraine's key steel tariff-rate quota was cut by sixty percent, expected to reduce steel imports from Ukraine to the EU by one point three…

Ryzhenkov on losing the only available market

Ryzhenkov says the EU previously abolished restrictions on Ukrainian steel when ports were blockaded. Now quotas treat Ukraine like other countries, ignoring its unique circumstances of war, energy disruption and personnel shortages.

“If you compare the quotas that were allocated to Ukraine this year to what was supplied last year, it's minus sixty percent and that's at the time when the ports were already closed, and we literally have no other alternative.”

Steel production collapses since two thousand twenty-one

Between two thousand twenty-one and two thousand twenty-five, Ukrainian steel production fell from twenty-one million metric tons to seven point four million metric tons. Export value dropped from twenty-two billion dollars to six billion dollars.

Tax revenues plummet as industry shrinks

Ukrainian steel tax revenues fell from three point five billion dollars in two thousand twenty-one to eight hundred seventy million dollars in two thousand twenty-five.

Ryzhenkov warns of inevitable collapse

Ryzhenkov says steelmaking requires ninety percent plus capacity utilization to be profitable and long-term market commitments. With continuing disruptions, he says this is impossible. Without market access, collapse is almost inevitable.

“If nothing is done, it's almost inevitable.”

Ryzhenkov refuses to abandon thirty-five thousand workers

Ryzhenkov comes from a family of steelmakers. He says he will not abandon more than thirty-five thousand Metinvest employees and their families, or the eight thousand five hundred employees fighting in Ukrainian armed forces who…

“Why would you slam the door if you can still try to do something to carry on?”