EU quota system ‘could kill Ukrainian steel industry’, boss says
Summary
The European Union is introducing new limits on steel imports starting July 1, cutting the amount of steel that can enter tariff-free and raising tariffs on extra imports. The head of Ukraine’s largest steel company, Metinvest, says these rules could harm Ukraine’s steel industry and reduce government funds needed during the ongoing war with Russia.Key Facts
- The EU will halve the tariff-free quota for steel imports and double tariffs to 50% on imports exceeding the quota.
- Metinvest’s CEO Yuriy Ryzhenkov says the quota system could "kill" Ukraine’s steel industry.
- Ukraine’s steel industry faces extra pressure due to war damage and lost markets.
- The quotas could reduce Ukraine’s tax revenue by hundreds of millions of pounds.
- Metinvest planned to invest in cleaner electric arc furnaces but cannot due to war conditions.
- Metinvest’s plants near Zaporizhzhia and Kamianske are operating below full capacity.
- Infrastructure damages include attacks on railways and power grids, affecting production and transport.
- The Mariupol steelworks were destroyed during fighting early in the war, and the company has lost access to a coal mine now in a conflict zone.
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