Ukraine was unable to send 3.5 million tons of products abroad – such financial losses are equivalent to the loss of a large metallurgical plant.

This is stated in the study GMK Center “Trade restrictions in the markets of metal products.” In total, the losses of the Ukrainian economy from trade barriers operating in foreign markets are estimated at 1.8-2.0% of GDP, analysts calculated.

“The trade barriers introduced against Ukraine cost us all up to 3.5 million tons of lost sales and production of steel products. This is tantamount to the loss of a large metallurgical plant, which employed more than 10 thousand people. It also means minus $3 billion in export earnings and minus 2% of GDP,” said GMK Center Director Stanislav Zinchenko.

The most extensive damage among trade barriers against steel products from Ukraine is anti-dumping duties on hot-rolled coil in the EU and rebar in Egypt. They expire in 2022.

US special duties are also noticeable – for hot-rolled thick-rolled steel, hot-rolled coil, fittings and pipes.

At the same time, protectionism in world markets is only increasing. So, in March 2022, duties on the import of thick rolled products from Ukraine extended Mexico. The limit is set to 5 years.

Recall, earlier it became known that metal prices rose significantly in the EU: because of the war, Ukraine cannot supply its products to the EU market, and European producers, protected by duties, were unable to cover the needs of the market. Now the EU is talking about the abolition of all import duties on products from Ukraine per year.

Earlier, the UK abolished import duties and quotas for all Ukrainian goods. Such a move would allow Ukraine to save thousands of jobs, said President Volodymyr Zelensky. On average, the import duty on goods from Ukraine in Britain amounted to 22%.