Ukraine reduced exports of semi-finished products by 50% m/m in February

In February 2026, Ukraine’s steelmakers reduced exports of semi-finished steel products by 49.5% compared to the previous month, down to 61,630 metric tons. The decline amounted to 48.7% y/y. This is according to calculations by the GMK Center based on data from the State Customs Service.

The main export destinations remain Bulgaria — 38,980 tons (-31.2% y/y; -31% m/m) — and Poland — 6,390 tons (no shipments were made in January and February 2024). Turkey and Egypt did not import semi-finished products from Ukraine during the month.

In January–February, Ukraine reduced exports of semi-finished products by 8.5% compared to the same period, down to 183,620 tons. Exports to Bulgaria totaled 95,460 tons (+18.7% y/y), to Turkey – 49,220 tons (-2.6% y/y), and to Poland – 6,390 tons (0 tons in January–February 2025).

Export revenue for the two-month period decreased by 7.2% year-over-year to $86.05 million; in February, it fell by 46.4% m/m and 46.3% y/y – to $30.03 million.

As reported by GMK Center, Ukrainian steelmakers reduced exports of semi-finished steel products by 26.4% in 2025 compared to the same period in 2024, down to 1.39 million tons. Export revenue for the 12-month period fell by 28.9% year-over-year, to $659.62 million.

The main export destinations for semi-finished products during the period were Bulgaria – 461,340 tons (-22.5% year-over-year), Turkey – 216,340 tons (+0.3% y/y), Poland – 291,410 tons, and Egypt – 99,260 tons (-72.1% y/y).

In the fourth quarter, exports of semi-finished products rose by 25.4% compared to the same period in 2024 and by 18.5% compared to the previous quarter — to 446,670 metric tons, while revenue from shipments rose by 23.9% year-over-year and 21.9% quarter-over-quarter, reaching $209.38 million.