Ukraine steel production halts for the first time in 100 years

Ukrainian metallurgical combines have suspended steel production for the first time in 100 years, according to Yulia Mendel, a former official for President Volodymyr Zelenskyy. Mendel reported on social media platform X that during September, Ukraine failed to produce any steel for an entire week.

Major factories are currently non-operational due to damaged furnaces. The costs associated with recovery are significant, with restarting a single facility estimated to cost at least $50 million, while constructing a new one could cost approximately $500 million. Additionally, steel exports are reportedly incurring monthly losses of $200 million. The cessation of operations at Black Sea ports could potentially result in a total loss of approximately $17 billion for the country.