🇺🇦 Ukraine's steel industry has effectively ceased to exist

Ukraine's three largest steel producers have halted output following Russian strikes on industrial sites. ArcelorMittal Krivoy Rog, the country's largest mill, stopped production on September 25 after being hit four times in five weeks. It follows earlier shutdowns at Metinvest's Zaporozhstal and Kamet Steel.

Together, the three plants accounted for about 90% of Ukrainian steel output. "As of today, Ukraine doesn't have a steel industry anymore," a senior Metinvest executive told the Financial Times.

According to the Ukrainian steelmakers' association, the sector has taken at least nine ballistic missile strikes since August, with losses near $100 million. Damaged blast furnaces have knocked out pig iron production, without which steel cannot be made. The association's head warned production may have to stop until the end of the war.

For scale: Ukraine produced over 21 million tonnes of steel in 2021. Steel accounted for around 7% of the country's GDP.

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