Russian Assault May Force Ukrainian Steelmakers to Import Coal [BNN Bloomberg (Canada)]
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Source: BNN Bloomberg
Steel accounted for about a fifth of Ukraine's exports before the Russian invasion, and still plays a pivotal role in Kyiv's defense against the Kremlin's onslaught. Output slumped more than 70% as Ukraine lost a significant portion of its capacity following Moscow's three-month assault on Mariupol, the port city that's home to Metinvest Holding LLC's Azovstal and Ilyich mills. Now the sector's logistics chain could be further strained by the loss of Metinvest's Pokrovske mine, which produces coal that's turned into coke for the country's remaining steel plants. Russian forces are about 9 kilometers (5.6 miles) from the eastern outskirts of Pokrovsk, the main focus of fighting in the region in recent months, although their advance has slowed. Both the mine and the processing plant are a few kilometers west of the town. Metinvest, owned by Ukraine's richest man Rinat Akhmetov, said that Pokrovske Coal remains operational. “We are confident that the armed forces of Ukraine will d
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