Ukrainian steel shutdown could cost 7% of GDP, Forbes says

Russian attacks have nearly halted Ukrainian steel production, with about 90% of output stopped and potential economic losses reaching 6.5-7% of GDP in the worst-case scenario, according to Forbes Ukraine. Since early 2026, Russia has attacked key mining and metallurgical enterprises at least 30 times, damaging or destroying seven blast furnaces and killing 18 people. In September, Ukraine recorded its first week in 100 years without producing any steel. The sector provided $6.2 billion in exports and 5.5% of GDP in 2025. Each metallurgy job supports 7.5-8 jobs in related industries, and halted production threatens transport, energy, and machinery sectors, plus up to $1 billion in annual iron ore export revenue losses.