Financial Times: Russian strikes halt Ukraine's steel industry entirely

The Financial Times reported, citing industry representatives, that Ukraine has lost its steel industry due to Russian strikes, a development that underscores the scale of damage inflicted on the country’s industrial infrastructure.

According to the newspaper, ballistic missile attacks disrupted three of the nation’s largest steel plants in the Zaporizhzhia and Dnipropetrovsk regions, which together accounted for 90% of steel production. The publication noted that the shutdown of these facilities, which employ more than 15,000 workers, could have severe consequences for the Ukrainian economy.

Earlier, the Russian Ministry of Defense announced that it had struck the innovative electric smelting complex at the Interpipe Steel plant in Dnipropetrovsk, Ukraine’s largest producer of hot-rolled metal products for military purposes.

The public joint-stock company Zaporizhstal also came under attack by the Russian Armed Forces. Zaporizhstal supplies flat-rolled metal products used to construct protective structures and armor for military equipment, as well as ballistic vest plates.

Ukrainian Prime Minister Serhiy Korniienko stated that the state could lose approximately $1.5 billion in tax revenues due to these attacks, while Kyiv faces a budget deficit estimated at around $27 billion this year.