The metallurgy industry in Russia is suffering from the deepest crisis in recent years due to the conflict with Ukraine. Rosstat reports that in July, the production of metallurgical products fell by 10.2%, which is the largest decline in the last 3.5 years.
The Center for Countering Disinformation cites examples of key enterprises that have faced significant losses: the Magnitogorsk Iron and Steel Works cut steel production by 18%, Mechel reduced sales by 11%, and the Pipe Metallurgical Company lost up to 22% of sales. Overall, enterprises in the industry warn of billion-dollar losses.
In general, the metallurgy sector in Russia has suffered significant losses due to the ongoing conflict, which has led to severe consequences for the country's economy.
Summary
The metallurgy industry in Russia is experiencing a major crisis due to involvement in the conflict with Ukraine, resulting in a sharp decline in production and significant losses for key enterprises in the sector. The crisis in metallurgy has become one of the most serious challenges for the Russian economy in recent years.