EU tariffs aimed at China hitting Ukraine, steel boss says

A Ukrainian steel executive has criticized the European Union for imposing unfair tariffs and restrictions that unfairly target Ukraine, despite the country being a key exporter of steel to the EU. Yuriy Ryzhenkov, CEO of Metinvest, one of Ukraine's largest steel companies, argues that Ukraine has been lumped together with other countries in the EU's protectionist measures aimed at curbing cheap imports from China and Turkey.

Ryzhenkov believes that the recently imposed tariffs on imported steel to the EU are unfair and have been implemented without considering Ukraine's situation, which includes battling a war with Russia. He urges the EU to carve out a special provision for Ukraine to access the EU market, which would help to prevent a 50-60% drop in steel exports to the EU.

The EU has stated that it took Ukraine's difficult situation into account when deciding its steel policy, but the overall aim is to cut the amount of steel that can be imported due to member nations struggling to compete with cheaper imports from other countries. Despite a free-trade agreement between the EU and Ukraine, the EU can still introduce separate trade protection measures.

Ukraine's steel industry is crucial to the country's economy, having accounted for roughly 10% of national income and a third of its exports before Russia's full-scale invasion in 2022. However, the industry has suffered immensely due to the ongoing conflict, with all steel mills being bombed at some point since the war began. Ryzhenkov expects the coming winter to be one of the hardest in Ukraine's history, as logistics to access other markets are limited, and cutting the available market by 60% will only make survival even more challenging.