The Ukrainian government and Primetals Technologies have signed a letter of intent for rebuilding the Ukrainian steel industry.
Earlier this year, during the Ukraine Recovery Conference held in London, Primetals Technologies joined the Ukrainian government’s platform for the green recovery of the metals industry in Ukraine. The conference was inaugurated by UK prime minister, Rishi Sunak, and the president of Ukraine, Volodymyr Zelenskyy.
Iron and steel is Ukraine’s second leading industry following agriculture, having contributed to 10% of the country’s GDP pre-war. The platform for recovering the steel industry in Ukraine brings together major players in the iron and steel sphere to support the reconstruction. The country’s geographical position will make it possible to feed European and global supply chains with low-carbon-emissions feedstock and steel products.
As a first step toward the agreement, Primetals Technologies will contribute to a feasibility study scheduled for completion in 2024.
''With the projected investments targeting the entire value chain, Ukraine is poised to become a global hub for green ironmaking and steelmaking.”Dr. Alexander Fleischanderl, head of green steel and senior vice president at Primetals Technologies
“We are very pleased to support the Ukrainian government for the recovery of the Ukrainian steel industry,” said Dr. Alexander Fleischanderl, head of green steel and senior vice president at Primetals Technologies. “The steel plants in Ukraine have long played an important role on a European and a global level, and the iron and steel sector is central to Ukraine’s economy. With the projected investments targeting the entire value chain, Ukraine is poised to become a global hub for green ironmaking and steelmaking.”
It is estimated that $20–40 billion worth of investments will be needed to establish a green iron and steel value chain in Ukraine. These investments would encompass iron ore beneficiation and pelletizing, clean power and hydrogen production, green ironmaking and steelmaking facilities, and related infrastructure.