“There is no safety margin left.” How russian attacks, the port blockade and EU protectionism have pushed the steel industry to the brink of survival – Metinvest COO Oleksandr Myronenko for Forbes
Over the past year, Metinvest’s production costs have increased by 30%. Of the foreign markets still accessible to the Group, only the EU remains, and it is restricting steel imports. Meanwhile, of the Group’s operating assets in Ukraine, only Central Iron Ore and Northern Iron Ore remain operational, both running at 50% capacity. Metinvest Chief Operating Officer Oleksandr Myronenko spoke to Forbes Ukraine about how the Group plans to navigate the crisis.For Metinvest, 2026 has been one of the worst years in its history. Metinvest is Ukraine’s largest privately owned company and is controlled by the country’s wealthiest businessman, Rinat Akhmetov.The EU, the Group’s key market, is restricting imports of Ukrainian steel and has introduced the Carbon Border Adjustment Mechanism (CBAM). In August and September, russia launched attacks on the Group’s Kamet Steel and Zaporizhstal plants, forcing them to suspend operations. In addition, russia has blocked Ukrainian seaports. According to
