Industrial policy should already be the focus of attention — Metinvest CEO

Industrial policy must now be the focus of attention and become the subject of daily work that will unite private business and the state. Otherwise, even after the war ends, Ukraine will not be able to revive its industrial power.

This opinion was expressed by Yuriy Ryzhenkov, CEO of Metinvest Group, in his column for the special project NV and The Economist «The World Ahead.»

He recalled that before the war, the domestic iron and steel complex accounted for about 10% of GDP, now it is almost 6%, and one job in metallurgy creates eight more in related industries.

«Whatever the scenario for 2026 may be, industry is the foundation on which taxes, value-added products, reconstruction, and Ukraine’s place in the European market rest,» Yuriy Ryzhenkov emphasized.

For industry to function, businesses need access to financing and markets, primarily European ones, as well as state protection for domestic producers, for example, by closing loopholes for Russian steel in the EU market.

Ukraine must not miss out on the opportunities that European integration will bring.

«The Ukrainian processing industry will become an important stage in Europe’s green transition. We at Metinvest are ready to join in and become the bridge that will unite Ukrainian and European metallurgy. But it is important for us and other industries to take advantage of this time and opportunity. By recognizing the importance of its own production, the state will be able to revive industry,» the column says.

The years of the great war were a time of change and struggle for survival for Metinvest, Yuriy Ryzhenkov recalled. The group lost assets in Mariupol and Avdiivka and suspended operations at its enterprise in Pokrovsk. However, the company remained the country’s largest industrial player and one of the main donors to the Armed Forces.

It should be noted that Metinvest is launching a large-scale program to increase the production of DR-rolls for the production of green steel using direct iron reduction technology and premium raw materials for the production of pig iron.