Ukraine warns new EU steel quotas could 'kill' its industry mid-war

Published Jun 9, 2026 · 06:00 GMT

The head of Metinvest, Ukraine's biggest steelmaker, says a new EU quota system on steel imports due on July 1 could destroy Ukraine's steel industry and hit the wartime budget it relies on to defend against Russia. We are awaiting the EU's case for the quotas, which Brussels frames as safeguards for European producers against an import surge.

Ukraine's steelmakers

Metinvest chief Yuriy Ryzhenkov says the EU's new steel-import quotas, due July 1, amount to protectionism that could 'kill' Ukraine's steel industry and deal a serious blow to the national budget — at the very moment Kyiv needs the revenue to defend itself against Russia.

More in Economy

Economy Jun 10

Trump says he won't renew the USMCA trade pact: leverage for a better deal, or a blow to North American trade?

President Trump says he is 'not looking to renew' the USMCA free-trade agreement with Canada and Mexico, raising the prospect that it could lapse. Washington frames it as leverage to rework the deal on better US terms; Canada is publicly urging the US and Mexico to renew the pact for another 16 years, warning of disruption to deeply integrated North American trade.

Economy Jun 10

US inflation flares again: should the Fed hold rates high, or stop squeezing households?

US inflation has jumped to a three-year high, driven by spiking gas prices from the Iran-war energy shock — and traders are now betting the Fed may even hike. One side says the Fed must keep (or raise) rates to choke off the new inflation wave; the other says high rates mostly punish ordinary Americans while doing little against supply-driven price spikes.

Economy Jun 7

OPEC+ opens the taps for July: steadying the oil market, or a hike too small to matter?

OPEC+ approved another modest output increase for July — its fourth since the Strait of Hormuz was closed during the Iran war. Producers call it a careful return of supply to keep the market stable; critics say it is too small to offset a war-driven price shock that is still squeezing airlines and households.