Russian strikes knock out three of Ukraine’s largest steel plants

Russian missile strikes have severely damaged Ukraine's largest steel plants, threatening the nation's entire steel industry, according to a Financial Times report. The attacks, carried out in early September, targeted blast furnaces at three key facilities in the Zaporizhzhia and Dnipropetrovsk regions, killing 17 workers in the process.

The strikes have crippled Ukraine's steel industry, with Metinvest and ArcelorMittal accounting for 90% of the country's steel production. Oleksandr Vodoviz, head of the CEO's office at Metinvest, stated that the Russian forces "knew exactly where to hit," highlighting the precision of the attacks. The extent of the damage remains uncertain, with Metinvest and ArcelorMittal estimating that repairs could take days, weeks, months, or even years.

The closures of these plants not only jeopardize the steel industry but also pose significant risks to other sectors of the economy and tax revenue. Ukrainian Prime Minister Serhii Koretskyi estimated that the country could lose about $1.5 billion in tax revenue due to the Russian attacks. President Volodymyr Zelensky has already requested additional funding for Ukraine's military budget, which stands at 27 billion euros, a request that has raised concerns among European officials.