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Metallurgy of Ukraine has reduced its contribution to GDP from 7% to almost zero by 2026

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In 2026, the metallurgical industry of Ukraine reduced its contribution to the country’s GDP from seven percent to almost zero due to a drop in production, logistics problems and the loss of some capacity, Metinvest COO Alexander Mironenko said in an interview with Forbes Ukraine.
The company's Central and Northern mining and processing plants are at half capacity, exporting pellets and concentrate to the EU.

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Why It Matters

The metallurgical industry previously made a significant contribution to the Ukrainian economy, accounting for about 7% of GDP, but declined by 2026 due to production and logistics difficulties.

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In 2026, Ukraine's metallurgical industry virtually ceased to contribute to the country's economy, declining from seven percent of GDP to almost zero. The operating director of Metinvest, Alexander Mironenko, stated this in an interview with Forbes Ukraine.

According to him, the industry is faced with a drop in production, problems in logistics and the loss of some capacity. Currently, Metinvest's Central and Northern mining and processing plants are at about half capacity, producing pellets and iron ore concentrate that are exported to the European Union.

Metinvest is an international group specializing in steel production and mining. It has significant iron ore reserves, coal mines and steel assets in Europe and North America, and is the largest producer of iron ore in Ukraine.

Open Questions

What specific logistical problems led to the decline in production?
Are there plans to restore the capacity of metallurgical enterprises?
How will the reduction in the contribution of metallurgy affect employment in the region?