{
  "id": 13882960,
  "title": "‘If nothing is done, it’s almost inevitable’: Ukraine’s Yuriy Ryzhenkov on why steelmaking is on the brink of collapse as Russian bombing intensifies",
  "url": "https://urgent.news/2026/10/12/if-nothing-is-done-its-almost-inevitable-ukraines-yuriy-ryzhenkov-on",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-12T05:00:00.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/2026/10/12/ukraine-yuriy-ryzhenkov-metinvest-steelmaking-brink-collapse-russian-bombing-intensifies/"
  },
  "original_language": "en",
  "account": "Metinvest CEO Yuriy Ryzhenkov describes the dire state of Ukraine's steel industry as Russian bombing intensifies. With over 8,000 employees fighting in the war, factories are constantly under attack, and hundreds have been killed. The blockade of seaports is even worse now than in 2022, making it harder to import materials. In August and September, two of Metinvest's steel mills had to be shut down due to intense bombing. Ryzhenkov explains that while they try to operate as best as they can, every attack weakens the company more. In July, the EU imposed new tariffs on steel imports from Ukraine, cutting the quota by 60%, which will greatly reduce steel exports to the EU in 2026. This sudden increase in tariffs, without considering Ukraine's exceptional circumstances, is making it nearly impossible for the steel industry to remain economically viable. Between 2021 and 2025, Ukraine's steel production fell from 21 million metric tons to 7.4 million metric tons, exports dropped from $22 billion to $6 billion, and tax revenues decreased from $3.5 billion to $870 million. Ryzhenkov emphasizes that without a market to sell their steel, the industry cannot survive, especially with continuous disruptions and no significant investments in sight. He stresses that if Ukraine's access to the European market isn't fully restored, the end of steelmaking in Ukraine could be almost inevitable.",
  "summary": "Amid the flames and destruction, CEO of Metinvest says that this period of the war is as tough as anything the company has seen since Russia’s full-scale invasion of Ukraine more than four years ago.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}