The mining industry remains one of the key sectors of the Ukrainian economy, which even in conditions of a full-scale war provides foreign exchange earnings, exports, employment and investments. According to the results of 2024, iron ore exports reached $2.8 billion. At the same time, in 2025, most mining and processing plants (MZK) are reducing or completely stopping production, and export volumes are decreasing. The reasons for the crisis are not only opportunistic. Industry representatives are increasingly pointing to the actions of state institutions as a key destabilizing factor.
In January-April 2025, exports of iron ore products decreased by 20.9% in value terms (to $892.99 million) and by 10.2% in physical volumes - to 11.15 million tons. This means a loss of over $235 million in foreign exchange earnings in just four months. According to GMK Center, by the end of 2025, iron ore exports from Ukraine will decrease by about 20% year-on-year to 27 million tons from 33.6 million tons in 2024.Production indicators also show negative dynamics. In particular, Ferrexpo, one of the three largest iron ore companies in Ukraine, reduced production volumes by 26% in the first quarter to 1.35 million tons. In May, the company announced that it had stopped two pellet production lines due to non-refund of VAT on exported products. The total expected underproduction in 2025 is estimated at 4 million tons.
Source: https://gmk.center/ua/infographic/girnichodobuvna-galuz-ukraini-pidsumki-2024-r-ta-perspektivi-u-2025-r/
