Ukraine’s Steel Industry Seeks Strategies for Export Revival

SEATTLE (Scrap Monster): According to a Metinvest official, Ukraine is currently seeking ways to increase steel industry exports to boost revenues into the country’s coffers. A December 5 announcement from the metals and mining group quoted its Chief Financial Officer Yuliya Dankova as saying that steelmakers in the country would require financing for small and medium-sized steel consumers, simplified customs procedures, and expansion of the export product range.” Metinvest noted that Dankova made the statements at the Export Credit Forum, which took place on December 1 in the Ukrainian capital of Kyiv.

Besides Ukraine’s steelmakers requiring help certifying their products in global markets, they also need to secure the safe shipment of products via the Black Sea, Dankova added. “We must have a constant supply of ships, insurance for them, and the ability to cooperate with financial institutions,” she noted. “We need to be able to receive funds not after crossing the Bosporus or Suez Canal, but as before, after loading products onto ships.”

 Russia’s invasion of Ukraine, which began on February 24, 2022, saw the Kremlin blockade ports on the Black Sea. These are the same ports from which Ukrainian steelmakers would export their finished and semi-finished products to regions like Turkey, the Middle East, and Asia. The blockades also included the port of Mariupol, which came under bombardment in the conflict’s early days and saw the Ilyich and Azovstal plants sustain heavy damage.

Courtesy: www.agmetalminer.com