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Financial losses from existing tariffs and quotas are equivalent to the loss of a large steel plant

The trade barriers introduced against Ukraine cost up to 3.3-3.5 million tons in steel products, or about $3 billion in export revenues, GMK Center’s “Trade Restrictions on the Steel Markets” report reads.

The losses of the Ukrainian economy from trade barriers introduced in foreign markets are estimated at 1.8-2.0% of GDP.

“The trade barriers introduced against Ukraine cost the losses of up to 3.5 million tons in steel products sales and production. This is akin to the loss of a large steel plant, e.g. Azovstal or Zaporizhstal, which employ over 10 thousand people. It also means minus $3 billion in export revenues and up to minus 2% of GDP,” said GMK Center’s CEO Stanislav Zinchenko.

The most harmful measures against Ukraine-made metal products are anti-dumping duties on hot-rolled coils exported to the EU and rebar exported to Egypt. They expire in 2022.

US special duties for hot-rolled steel sheets, hot-rolled coils, rebar and pipes are also painful for Ukraine.

At the same time, protectionism in world markets is strengthening still. In March 2022, Mexico continued the duty on imports of thick-rolled steel from Ukraine. The restrictions were set for 5 years.

You can find full version of GMK Center study at the link.