The iron and steel sector of Ukraine has been significantly impacted by the Russian invasion, with the number of steelmaking plants decreasing from twelve in 2013 to only six, and nominal crude steelmaking capacities dropping from 42 million tons in 2013 to 17.8 million tons in 2023. The output of iron and steel in Ukraine in 2023 was 71% lower compared to 2021. Despite these challenges, the sector remains crucial to the Ukrainian economy, contributing 5.7% to the GDP in 2023, including supply chains. This is a significant decrease from the pre-war contribution of 10.3%.

The sector's contribution to exports also decreased, from providing every third dollar of goods exported from Ukraine pre-war to 14.6% in 2023. However, the sector remains key to the economy's recovery and green transition. The reopening of Black Sea ports and the eventual end of the war are expected to support the sector's recovery.
Ukraine's iron and steel sector was once a significant part of the global steel supply chain, ranking 2nd in pig iron, 3rd in semi-finished steel products, and 4th in seaborne iron ore. The sector is expected to gradually restore its leadership positions, facilitated by the opening of the "sea corridor" and the end of the war.