EU tariffs aimed at China hitting Ukraine, steel boss says
The boss of one of Ukraine's biggest steel companies has called on the European Union to drop import restrictions on products made from the country, arguing it has been "bundled together" in measures aimed a curbing cheap imports from the likes of China.
A Ukrainian steel magnate has criticized the European Union for imposing tariffs on imported steel, arguing that the measure is "unfair" and has unintentionally harmed Ukraine. Yuriy Ryzhenkov, CEO of Metinvest, told the BBC that Ukraine should be granted a special exemption from the EU's steel import restrictions. The EU recently limited steel imports to protect domestic manufacturers, capping the amount of steel allowed into the EU without taxes at 18.3 million tonnes per year.
While Ukraine benefits from a free-trade agreement with the EU, Ryzhenkov maintains that the EU's actions are exacerbating Ukraine's already dire economic situation. Metinvest estimates that steel exports to the EU could plummet by 50-60% due to the restrictive measures. Steel is a vital industry in Ukraine, once contributing around 10% of the nation's GDP and accounting for one-third of its export revenue.
The conflict has severely damaged Ukraine's steel industry, with all mills destroyed by Russian attacks at some point since the war began in 2022. In September, production ceased altogether for the first time in roughly 150 years. Ryzhenkov acknowledged that his company has implemented safety measures for workers during air raids but emphasized that the EU's trade restrictions further complicate Ukraine's survival.
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