This is reported by RBK-Ukraine citing The Independent. The news comes from Kontrakty.UA.
However, last week, a second war—this time a trade war—knocked on the door of "Zaporizhstal," triggered by U.S. President Donald Trump, who imposed a 25% tariff on all imported steel and aluminum.
The American president stated that the introduction of various tariffs would "level the playing field in international trade and make U.S. businesses more competitive." Yet, Ukrainian officials and business leaders were taken aback by Trump's decree, as reported by the publication—especially since Ukraine's steel industry is currently facing extremely tough times.
"The share of the steel industry in Ukraine's gross domestic product has nearly halved since Russian troops entered the country, and steel exports are now significantly below pre-war levels. The Ukrainian Steel Association warned that if U.S. import tariffs take effect on March 12, it would cost the beleaguered industry 2.4 billion hryvnias (58 million dollars) in revenue. The government would also lose 1 billion hryvnias (24 million dollars) in taxes annually," the publication emphasizes.
It is worth noting that over the last five years, the largest metallurgical enterprises in Ukraine have paid a total of 190 billion hryvnias in taxes and fees, equivalent to $6.2 billion. For the year 2024, the tax and fee payments from four metallurgical companies accounted for 1.6% of total revenues to budgets at all levels.
Moreover, 61% of all taxes paid by metallurgists in 2024 came from the company "Metinvest." However, if tariffs from state monopolies increase, the budget risks losing a source of income, as producers may begin to shut down their operations.