Metallurgy’s contribution to Ukraine’s GDP increased to 7.2% last year.

Industries in Ukraine’s mining and metallurgical complex (MMC) contributed 7.2% to Ukraine’s GDP in 2024, up from 5.7% in 2023. The increase in the MMC’s share resulted from a rise in steel (+21.5%) and iron ore (+55.2%) production. The Black Sea corridor’s stable operation  enabled exports from Ukraine’s ports, which fueled the metallurgical industry’s positive production dynamics.

Ukraine’s MMC is gradually reclaiming its position as a global player following the resumption of sea exports. In 2024, Ukraine ranked third in the world among the largest pig iron exporters, and it returned to the top five largest iron ore exporters. The Ukrainian metallurgical sector is integrated into European metallurgy and a part of European supply chains. The EU accounted for 64% of Ukraine’s steel exports in 2024.

Last year, the MMC also represented 18.3% of total capital investment in Ukrainian industry, an increase of 8.3% compared to 2023. This year, a decline in the volume of metallurgical products is anticipated, given the significant challenges in global markets and domestically.