One of the sectors of the Ukrainian economy most affected by the full-scale war is the mining and metallurgical industry (MMI). Specifically, total steel production over the last four years decreased by 65%, down to seven million tons. Additionally, revenue from exports of MMI products dropped to $6.2B last year from $21.4B in 2021. Iron ore exports fell from 44 million tons in 2021 to 31 million tons last year.
Furthermore, since the war began the industry’s capital investment has decreased by 72%, from $1.9B in 2021 to $527M in 2025. Companies are forced to focus on routine repairs and maintaining existing equipment rather than investing in new assets.
Meanwhile, last year imports of rolled metal increased by 31.2%, and the share of foreign products in consumption grew by 2.5 percentage points, reaching 40.1%. This is the highest-level recorded during Ukraine’s independence. At the same time, during the war employment in the MMI has declined from 122,000 to 62,000 workers.
Despite these setbacks, the mining and metallurgical complex is expected to play a central role in Ukraine’s post-war economic recovery. Notably, the additional demand for steel during reconstruction is projected to be between one and three million tons annually.