Russia is experiencing a rapid decline in its metallurgy industry, according to the Center for Economic Development.

The press service of the Center for Countering Disinformation under the National Security and Defense Council reported this on Telegram, as conveyed by Ukrinform.

“The largest metallurgical plant in Russia, the Magnitogorsk Iron and Steel Works, has reduced steel production by 14% and pig iron by 4.5%. The biggest producer of non-ferrous metals, Norilsk Nickel, has cut nickel output by 6%, copper by 12%, and palladium by 10%. Exports of Russian steel and steel pipes have plummeted by 22% and 77%, respectively,” the statement reads.

It is noted that the enterprises are attempting to explain the decline as a planned modernization; however, the real reasons lie in the loss of Western markets due to sanctions, falling prices and demand for Russian metal in Asian markets, and a decrease in domestic demand caused by high interest rates and crisis phenomena.

“No matter what the Russian authorities and propaganda say, the war against Ukraine and sanctions are destroying the fundamental sectors of the Russian economy. The future forecasts for the Kremlin are bleak – industrial production will continue to decline,” emphasized the CPD.

As reported by Ukrinform, Andriy Kovalenko, the head of the CPD under the National Security and Defense Council of Ukraine, stated that the Russian army is becoming increasingly dependent on shells from North Korea.

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