The Ukrainian metallurgical industry, which was one of Ukraine's main export industries before the war, suffered the greatest losses during the war. That is why a series of international roundtables Ukraine Industry Recovery Day started with the issue of its post-war recovery, inviting potential investors, financial donors, strategic players and the industry's stakeholders. The first such event was organised in London by McKinsey and the Systemiq companies. This was announced by Oleksandr Hryban, Deputy Minister of Economy of Ukraine, who took part in a discussion of the recovery of Ukrainian steel plants with potential investors.

"This forum opened a series of professionally focused conferences on the priority industries for Ukraine. Metallurgy was chosen as a pilot sector that provoked an extremely lively discussion. The key issues identified were "Green metallurgy", "What is needed to restart the industry in Ukraine?" and " "Why exactly in Ukraine?", - said Oleksandr Hryban.

During the war, the Ukrainian steel industry suffered not only from the destruction of enterprises in the east, but also from the narrowing of logistics routes. Statistics show a 70-85% decline in iron and steel production due to the war, and a 50-70% decline in iron and steel exports, as about 65% of pre-war exports were carried out through seaports, which are now blocked, and rail transport can only replace part of the sea exports. Some of the good news is that 90% of iron ore assets are located in government-controlled areas, and Ukraine controls about 50% of steelmaking and about 65% of generating facilities.

After the war, Ukraine's steel industry must be rebuilt and modernised to meet modern environmental standards. This was the conclusion reached by leading global trade stakeholders, strategic players and potential investors who gathered in London for a discussion. The discussion was also attended by representatives of the British and French governments, the European Commission, as well as the financial and investment sector, including the relevant divisions of the EBRD, Black Rock, JP Morgan, Rothschild & Co, and DIF.

"The conclusion is more than encouraging: the industry is capable of generating tens of billions of dollars of investment in the coming years, and Ukraine's huge potential in renewable power generation and our iron ore reserves are the main prerequisites for green metallurgy and the production of direct reduced iron and hot briquetted iron," said Oleksandr Hryban.

International end-users who attended the event confirmed their readiness to sign preliminary investment agreements, and strategists see great investment potential in this industry, which has always been strategically important for our country. Before the war, it accounted for at least 10% of GDP, 33% of total exports, and employed approximately 600,000 Ukrainians.

For information:

Green metallurgy is a set of measures aimed at reducing carbon dioxide emissions from steel production. According to the European Green Deal, this level should be reduced as much as 80% by 2050 – up to 250 kg per tonne of steel.

Green metallurgy is one of the ten industries whose investment opportunities are presented on the Advantage Ukraine platform, which operates in partnership with the Ministry of Economy of Ukraine and is supported by the USAID Program "Competitive Economy of Ukraine."

The series of Ukraine Industry Recovery Day roundtables, which invite potential investors, financial donors, strategic players and stakeholders in each industry, will be held in close cooperation with the Ministry of Economy of Ukraine.