--- title: "Forbes Calculates Ukraine's Economic Losses Due to Metallurgical Shutdown" description: "Russian attacks have almost halted Ukraine's metallurgy: about 90% of steel production is idle, and economic losses could reach 6.5-7% of GDP." date: 2026-10-05T15:50:00.000Z lang: en url: https://xab.info/en/posts/forbes-calculates-ukraines-economic-losses-due-to-metallurgy-shutdown tags: [metallurgy, economy, ukraine, forbes, war-losses] publisher: "XAB.info" --- # Forbes Calculates Ukraine's Economic Losses Due to Metallurgical Shutdown ![Metallurgical plant destroyed by attacks in Ukraine](https://xab.info/media/2026/10/05/forbes-otsenil-poteri-ekonomiki-ukrainy-iz-za-ostanovki-metallurgii/forbes-otsenil-poteri-ekonomiki-ukrainy-iz-za-ostanovki-metallurgii-1.webp) ## 🎯 Key Points - About 90% of Ukrainian steel production has been halted due to attacks since early 2026. - In the worst-case scenario, Ukraine's economic losses could reach 6.5-7% of GDP. - Export losses from iron ore alone are estimated at $1 billion annually. - Trade unions demand transferring workers to paid downtime to preserve personnel. The Ukrainian metallurgical industry is facing an unprecedented crisis caused by systematic Russian attacks on critical facilities of the mining and metals complex (MMC). According to authoritative analytical publications and industry associations, steel and pig iron production in the country has almost completely stopped, threatening the financial stability of the entire state. The scale of destruction of production facilities has exceeded any pessimistic forecasts of past years, forcing experts to revise macroeconomic indicators for the current year. ### Scale of Destruction and Historical Anti-Record Since the beginning of 2026, Russian forces have launched at least 30 targeted strikes against key enterprises of the Ukrainian MMC. As a result of barbaric shelling, seven blast furnaces have been damaged or completely destroyed, and the tragic consequences of the attacks have claimed the lives of 18 industry workers. Management of leading companies reports shocking details: in September 2026, Ukraine recorded a week when domestic industry did not smelt a single ton of steel for the first time in 100 years. To date, about 90% of steel production capacity is in deep idle, and operational planning at plants is limited to just one month.### Economic Consequences and Multiplier Effect Recall that at the end of 2025, the mining and metals complex generated $6.2 billion in export operations, accounting for about 5.5% of the country's gross domestic product. According to current calculations by Forbes experts in a pessimistic scenario, the total losses of the Ukrainian economy could reach up to 6.5–7% of GDP. The crisis in metallurgy inevitably drags down related sectors: transport infrastructure, energy, mechanical engineering, logistics, and repair enterprises. According to industry associations, one job in metallurgy generates 7.5 to 8 jobs in related sectors, making the scale of the impending socio-economic crisis nationwide.### Export Threat and Budget Losses A serious challenge to macroeconomic stability has been the sharp decline in export revenue, especially in the iron ore segment. Due to logistics restrictions and the blocking of sea routes, alternative routes allow exporting only half of the previous volumes of raw materials, resulting in an annual loss of about $1 billion in ore export revenue alone. According to Ukrmetalurgprom expert forecasts, the total amount of lost foreign exchange earnings could range from $5 to $7 billion, and direct losses of budgets at all levels will exceed 30–40 billion UAH. A clear example is the performance of previous periods: in 2025 alone, ArcelorMittal Kryvyi Rih paid 8.5 billion UAH in taxes to budgets, and Metinvest's enterprises in Zaporizhzhia paid 1.6 billion UAH in the first half of the current year. ### Social Crisis and the Fight for Personnel In addition to fiscal and export losses, the shutdown of plants creates acute social problems. Local budgets are losing the ability to finance basic municipal services, including public transport. At the same time, international and Ukrainian trade unions, including IndustriALL and IndustriAll Europe, are strongly urging enterprise management to refrain from mass layoffs and transfer personnel to paid downtime. Retaining qualified personnel has been recognized as a key condition for the future restoration of the industry, but company leaders emphasize that any long-term investment and resumption of production will only become possible after real security guarantees are achieved. ## πŸ” Fact-Check Verification - [Forbes посчитал, сколько потСряСт экономика Π£ΠΊΡ€Π°ΠΈΠ½Ρ‹ ΠΈΠ·-Π·Π° остановки ΠΌΠ΅Ρ‚Π°Π»Π»ΡƒΡ€Π³ΠΈΠΈ](https://www.rbc.ua/ukr/news/forbes-porahuvav-skilki-vtratit-ekonomika-1791215059.html) - Π”Π°Π½Π½Ρ‹Π΅ ΠΏΠΎ остановкС 90% мощностСй Π“ΠœΠš, потСрям Π’Π’ΠŸ Π½Π° ΡƒΡ€ΠΎΠ²Π½Π΅ 6,5-7% ΠΈ коммСнтариям экспСртов ΠΏΠΎΠ΄Ρ‚Π²Π΅Ρ€ΠΆΠ΄Π΅Π½Ρ‹. ## ❓ FAQ ### Q: What percentage of metallurgical capacity is halted in Ukraine? **A:** As of autumn 2026, about 90% of steel production in Ukraine is not operating due to Russian attacks. ### Q: What are the projected economic losses according to Forbes? **A:** In the worst-case scenario, the negative effect on Ukraine's economy could reach 6.5–7% of GDP. ### Q: Why are trade unions opposed to employee layoffs? **A:** Trade unions insist on paid downtime to retain the qualified personnel needed for the future restoration of plants.