Brief
Metinvest CEO warns Ukrainian steelmaking faces collapse as Russian bombing intensifies
Metinvest CEO Yuriy Ryzhenkov says the war‑time bombing of its plants and new EU tariffs could push Ukraine’s steel sector to the brink of collapse.
By Felo News Desk · Published
Yuriy Ryzhenkov, chief executive of Ukraine’s largest steelmaker Metinvest, told Fortune on Oct. 12 that intensified Russian bombing and newly‑imposed EU steel tariffs are pushing the country’s steel industry toward collapse.
What happened
Metinvest employs 33,700 people, including more than 8,000 who are fighting Russian forces. Its factories have been under constant bombardment for four and a half years, with the latest campaign in August‑September 2026 forcing both of its steel mills to stop production. Ryzhenkov said the company lost 14 workers in a single bombing, the largest loss since 2023.
What the reports add
The article notes that the blockade of Ukrainian seaports is now "more severe" than in 2022, according to Ryzhenkov. It also explains that in July 2026 the European Union cut Ukraine’s steel tariff‑rate quota by 60%, a move intended to protect EU producers but which threatens to reduce Ukrainian steel exports.
What was said
"The blockade of the seaports is more severe now than it was in 2022," Ryzhenkov told Fortune. "We’ve been hit numerous times… you lose. You get weaker with every such attack. In wartime you cannot afford to restore to the original state. You do the best you can to continue operating and that best is never the ideal." He added, "It was one of the most severe campaigns for bombing in August and September this year. We had to stop both of our steel mills. We lost 14 people at our steel mills, which was probably the largest loss since 2023 in a single bombing. That's where we are."
How it came about
Metinvest has been rebuilding after each attack since Russia’s full‑scale invasion in February 2022. The company’s CEO, who took the role in 2013, has overseen multiple restorations, but the cumulative damage and the new EU tariff regime now threaten the sector’s viability. Earlier this year, other Ukrainian steel producers, such as ArcelorMittal’s Kryvyi Rih plant, also faced shutdowns after repeated Russian strikes, underscoring the broader industrial crisis.
Key facts
- Metinvest employs 33,700 people, including over 8,000 fighting Russian forces. (fortune.com)
- Both Metinvest steel mills stopped production after intense bombing in August‑September 2026. (fortune.com)
- The company lost 14 workers in a single bombing, the largest loss since 2023. (fortune.com)
- EU steel tariff‑rate quota for Ukraine was cut by 60% in July 2026. (fortune.com)
Sources
- [1] fortune.com — originally reported as “‘If nothing is done, it's almost inevitable’: Ukraine’s Yuriy Ryzhenkov on why steelmaking is on the brink of collapse as Russian bombing intensifies”
