The world steel crisis has hit Ukraine, dragging steel production in October down 12% y-o-y.

The world steel crisis has hit Ukraine, dragging steel production in October down 12% y-o-y. Steel’s fall pulled Ukraine’s overall industrial production in October down 5% y-o-y. Sergey Belenky, chair of the Federation of Metallurgists, listed in a Channel 24 interview steel cuts around the world: ArcelorMittal South Africa cuts 2,000 workers; U.S. Steel cuts 1,800 workers; Germany’s Thyssenkrupp to cut 6,000 workers Jan. 1, and British Steel is on verge of bankruptcy, with 25,000 jobs at stake. In Ukraine, he said, steelmakers seek to keep their labor force intact by minimizing cuts and increasing the average monthly wage to $800.