The pathway to integrating Ukrainian industry into the European market requires strategic investment, regulatory alignment, and mutual partnership. These priorities were recently outlined by Yuriy Ryzhenkov, Chief Executive Officer of our steel company Metinvest, during the EU-Ukraine 2026: Road to URC business summit in Brussels.
Organised by the European Commission, the governments of Ukraine and Poland, and European Business Summits, the event gathered over 140 speakers to discuss the economic reconstruction of Ukraine. Yuriy Ryzhenkov participated in the Industrial Ramstein panel, joining senior figures including Maive Rute from the European Commission, Taras Kachka and Oleksii Sobolev from the Ukrainian government, alongside representatives from Interpipe, KfW, and Deloitte.
A foundation of partnership
Metinvest has maintained a strong trading relationship with the European Union for approximately twenty years, with the region accounting for roughly 50% of the company's output. The removal of European import restrictions on finished steel products in 2022 marked a significant milestone, effectively integrating Metinvest into the single market for steel supply. The European Commission has consistently demonstrated support, treating Ukraine as a special case in recent quota documents.
Navigating regulatory and operational challenges
Despite this strong foundation, significant hurdles remain. The introduction of the Carbon Border Adjustment Mechanism presents a complex challenge. Metinvest had anticipated this shift, announcing two major decarbonisation projects in Ukraine in 2021. However, the ongoing war has halted large-scale capital investments. This reality, combined with logistical disruptions and the global energy crisis, places Ukrainian industry at a distinct disadvantage compared to its European competitors.
To address this, Metinvest proposes pragmatic solutions that would allow Ukrainian industry the time to adapt without demanding permanent special treatment. Potential approaches include deferring payments under the Carbon Border Adjustment Mechanism or redirecting the generated revenues back into the modernisation and decarbonisation of Ukrainian industrial facilities.
A shared future in decarbonisation
Looking ahead, Metinvest holds a positive and realistic vision for the future. Within the next decade, the expectation is that Ukraine will become a full member of the European Union, seamlessly integrated into the European steel and mining sectors. By utilising its substantial resource base, Ukraine can play a critical role in facilitating Europe's green transition.
For this vision to materialise, it is vital that both the European Union and Ukraine operate as equal partners, recognising the mutual economic and environmental benefits of integration. Metinvest stands ready to act as a reliable partner in new European development projects, driving forward a shared agenda of resilience and sustainable growth.
