According to GMK Center, the contribution of Ukraine’s mining and metallurgy complex (MMC) to the country’s gross domestic product (GDP) increased to 7.2% in 2024, compared to 5.7% in 2023. The main factors behind this growth were a 21.5% increase in steel production and a 55.2% increase in iron ore production.
This is reported by Business • Media
The stable operation of the maritime corridor facilitated the activation of exports through Black Sea ports, which, in turn, positively impacted production dynamics in the metallurgy sector.
Ukraine’s Position in Global Markets
Ukraine’s MMC is gradually restoring its position on the world stage, returning to the status of a significant player. In particular, in 2024, Ukraine ranked third in the world among the largest exporters of pig iron. Additionally, the country re-entered the top five leading exporters of iron ore. It is important to note that the Ukrainian metallurgy sector is integrated into European supply chains, with the European Union accounting for 64% of steel exports from Ukraine in 2024.
Investments and Forecasts
In 2024, the MMC accounted for 18.3% of total capital investments in Ukrainian industry, which is 8.3% more than in 2023. However, given the significant challenges facing the sectors in international markets and within the country, a decrease in metallurgy production volumes is forecasted for the current year.