Iron and steel companies paid over $1 billion in taxes in 2023

Steel companies pay taxes responsibly, supporting the state and local budgets during a difficult period of war. In 2023, Ukraine’s largest steel companies paid over $1 billion in taxes.

This is stated in GMK Center’s annual study “Steel industry contribution to the Ukrainian Economy 2023”.

The industry’s share of total tax payments in Ukraine remained at the pre-war level of 3.0%.

Steel companies create attractive working conditions through high salaries and improved safety. In 2023, wages in the steel industry were 37% higher than the average in Ukraine. Before the war, Ukraine’s iron and steel sector employed more than 560,000 people, including those in related industries.

Currently, about 10-15% of the staff of steel enterprises serve in the Armed Forces of Ukraine. Steel companies cannot stand aside and take an active role in supporting the army and civilians. Thus, in 2023, the largest Ukrainian steel enterprises paid $100 million to support the defenders of Ukraine and for humanitarian purposes. The steelmakers also provide medical and psychological assistance to victims and implement rehabilitation and employment programs for veterans.

As GMK Center reported earlier, the steel sector remains the backbone of the Ukrainian economy, contributing 5.7% to GDP in 2023, including supply chains. Before the war, the steel sector contributed 10.3% to Ukraine’s GDP.