Trump’s tariffs could cause billions in losses for Ukrainian metallurgy - Independent
Metinvest Group's Zaporizhstal Iron and Steel Works remains one of the key enterprises in Ukraine despite daily fighting just 40 kilometers from the plant. Production continues, supplying materials for military equipment and exports.
This was reported by The Independent, Censor.NET informs.
According to the publication, however, last week, the plant faced a new challenge - US President Donald Trump imposed a 25% duty on imported steel and aluminum, which threatens to cause significant losses to the Ukrainian steel industry.
According to The Independent, Ukrainian government officials and business representatives were shocked by the decision, as the industry is already facing difficult times. Since the start of Russia's full-scale invasion, the steel industry's share of Ukraine's GDP has almost halved, and steel exports remain well below pre-war levels.
"The share of the steel industry in Ukraine's gross domestic product has almost halved since Russian troops entered the country, and steel exports are now well below pre-war levels. The Ukrainian Steel Association has warned that if US import duties go into effect on March 12, it will cost the weakened industry 2.4 billion hryvnia ($58 million) in revenue. It will cost the government 1 billion hryvnia ($24 million) in taxes per year," the newspaper writes.
Over the past five years, Ukraine's metallurgical enterprises have paid UAH 190 billion ($6.2 billion) to the budget. In 2024, Metinvest accounted for 61% of all taxes in the industry. But if US tariffs worsen the crisis, businesses may shut down, leading to even greater losses.
