Ukraine steel exports reportedly down 39% to $6.4bn in 2015

By bne IntelliNews February 3, 2016

Ukraine's steel exports fell 39% y/y to $6.4bn in 2015, mainly due to shrinking prices on global markets, the country's Metallurgprom association said on February 2.

In volume terms, steel exports declined by 15.3% y/y to 17.1mn tonnes, while Ukraine exported 85.5% of its total metals output. Steel imports fell by 36.3% y/y to 0.7mn tonnes.

Having accounted for around 15% of the country's economic output in the pre-crisis period, the steel industry remains under pressure from shrinking prices on global markets and the military conflict in the eastern Donbas industrial heartland, where many factories were closed or are running with diminished production capacity.

Falling steel exports were among the key reasons for the country's exports drop in 2015. According to official statistics, exports of merchandise shrunk $14.9bn y/y in January-November, with steel exports responsible for 37% ($5.5bn) of the decline.

"We estimate Ukraine's total metallurgy exports (ferrous, non-ferrous metals and ores) decreased 38% y/y to $11.59bn in 2015, and will continue to fall in dollar terms this year too, solely driven by weaker prices," Alexander Paraschiy of the Concorde Capital brokerage in Kyiv wrote in a research note. The analyst forecasts a further decrease of 18% y/y to $9.54bn in 2016.

Related Articles

Putin admits Islamic terrorists carried out the Crocus City attack, but maintains accusation of a Ukrainian link

In the wake of the devastating terrorist attack at Crocus City Hall, Russian President Vladimir Putin has admitted that Islamic extremists carried out the attack on concert-goers at the Crocus City ... more

Ukrainian banks received record profits of $457mn in January

Ukraine's banking sector earned a record after-tax profit of UAH16.762bn ($457 mn) in January 2024, the National Bank of Ukraine (NBU) reported on March 6. Leading the charge was the state-owned ... more

Western sanctions against Russia miscalculated their impact, some of them have benefited the Russian economy, says Sberbank

The architects of Western sanctions against Russia miscalculated the impact of sanctions, particularly underestimating Russia's resilience to external financial pressures and its ability to boost ... more

Dismiss