Ukraine's economy hit hard by steel plant's readiness for war.

1 min read
Source: The Associated Press
Ukraine's economy hit hard by steel plant's readiness for war.
Photo: The Associated Press
TL;DR Summary

The ongoing war in Ukraine has severely impacted the country's metal industry, which accounted for a third of its exports before the conflict. The Zaporizhstal steel plant, located less than 50 kilometers from the front line, has been running below full capacity due to power outages, blocked Black Sea ports, and limited raw materials and sales. The industry has suffered a 65% reduction in production, and a third of its capacity has been destroyed. The economic output shrank by about a third in 2022, and the economy ministry forecasts growth of only 1% this year.

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