The global steel demand is set to rise by 5.2 percent this year, with the addition of great expectations for Ukraine regarding the country’s potential role in the global steel industry. As the demand for steel rises, so does the volume of steel production in Ukraine. The country has the potential to become an essential steel supplier in the near future, and the potential of its steel industry is being researched and realized.
The Ukrainian Steel Industry Report 2017 aims to provide an overview of the current situation in the Ukrainian steel industry, identify the trends and challenges of the industry, and outline the future of the industry.
Key Trends and Challenges in the Ukrainian Steel Industry
The Ukrainian steel industry is experiencing a roaring recovery from the Great Recession and continues to grow at a healthy rate. However, there are still significant challenges that stand in the way of the industry’s future:
– The country’s aging infrastructure and lack of skilled labor
– Restricted market access for foreign investors
– Lack of attention paid to regulatory requirements within the industry and in the country
– Lack of investment incentives
– Lack of awareness of the benefits of steel in other industries.
Steps Ukraine is Taking to Achieve Indispensable Status in Steel Industry
The Strategy for the Development of the Ukrainian Metal Industry (2006-2016) was a key step toward achieving Indispensable Status in the steel industry. However, the pace of implementation of this strategy could not be faster. The most immediate step forward for the industry is to increase investment in modern equipment and technologies. To better integrate modern electronic equipment and machine tools into the traditional production process, it is necessary to increase investment in these areas and use modern communication and transportation technologies.
Conclusion
As the demand for steel rises, so does the volume of steel production in Ukraine. The country has the potential to become an essential steel supplier in the near future, and the potential of its steel industry is being researched and realized. The Ukrainian Steel Industry Report 2017 aims to provide an overview of the current situation in the Ukrainian steel industry, identify the trends and challenges of the industry, and outline the future of the industry.