Ukrainian steel industry to lose $1 billion in revenue

GMK Center analysts admit that the decline in global prices for steel products reduced the export revenue of Ukrainian steelmakers in January-April 2025.

Iron ore exports were hit hardest: they fell by 10.2% to 11.15 million tons over four months and by 20.9% to $892.99 million in monetary terms.

“The situation resembles scissors: production costs are rising due to high tariffs of state monopolies, while prices for sales products are falling. In order not to accumulate losses, we have to reduce shipments,” the experts explain.

GMK Center added: “Under this scenario, which can be called a baseline, the total loss of export revenues for the Ukrainian steel and mining industry in 2025 could exceed $1 billion. Overall, the four-month results confirm the previous forecast of a deteriorating price situation on foreign markets and a decline in steel exports this year. At the same time, over the past five years, the largest steelmakers have paid ₴190 billion ($6.2 billion) in taxes and duties to the Ukrainian budget.