Ukraine’s steel consumption has been on a continuous decline, significantly impacted by ongoing conflicts and economic instability. According to recent data, the market capacity in physical terms decreased by 55% in 2022, amounting to 2 million tons. This decline has been exacerbated by the devaluation of the hryvnia, which has somewhat cushioned the monetary impact, reducing the market volume by 46%.
The steel industry in Ukraine faces numerous challenges, including disrupted supply chains and reduced demand from key sectors. Despite some efforts to stabilize the market, the overall outlook remains bleak, with consumption expected to remain low in the near future.