In a critical address regarding the European Union's import policies, Yuriy Ryzhenkov, the CEO of Metinvest, has called for immediate action to close all loopholes related to the import of Russian semi-finished steel products. Ryzhenkov emphasized that Russia has a long history of leveraging its resources to exert control over other nations, a situation that Ukraine has faced for over three decades. He pointed out that Russia has previously blackmailed European countries, particularly through gas supplies, creating a precarious dependency that needs to be addressed.
Ryzhenkov warned that if Europe continues to depend on Russian semi-finished products, it risks being held hostage to Russia's geopolitical ambitions. He stated, “Nothing prevents Russia from using semi-finished products as a weapon if it realizes that Europe is dependent on these products.” This dependency not only compromises Europe's economic stability but also poses significant security risks, making it imperative for the EU to minimize imports from Russia.
One of the most alarming reasons for halting these imports, according to Ryzhenkov, is the financial support that purchasing these products provides to Russia’s military efforts against Ukraine. He stressed, “Every time you buy Russian slabs, pig iron, or hot briquetted iron, you are financing the war against Ukraine. In fact, every euro you pay for such products goes to kill another Ukrainian.” This stark statement underscores the moral imperative for European countries to reconsider their sourcing decisions.
Ryzhenkov also pointed out that Russian energy companies subsidize the cost of semi-finished products by providing gas to domestic steelmakers at prices lower than those in Europe. He elaborated, “So, this is a highly subsidized product. You are killing European civilians.” The financial dynamics of this situation not only threaten Ukraine but also have repercussions for European communities facing rising costs and economic strain.
Amid these concerns, Ryzhenkov noted that Metinvest does not purchase Russian slabs for its European rolling mills. Instead, the company sources most of its slabs from Ilva, an Italian steel producer. “In this way, we are helping the Italian economy to revive one of the largest steel assets, which is in a difficult situation,” he stated. By supporting local production, Metinvest aims to foster a more resilient steel industry in Italy, highlighting a pathway that other producers could follow to strengthen their domestic markets.
Ryzhenkov’s statements reflect a growing consensus among industry leaders that the EU must take decisive action against Russian imports. He emphasized that if all producers prioritized local sourcing, it could lead to a more robust steel industry in Europe, lessening reliance on Russian products and promoting economic stability.
The call to action is clear: as Europe grapples with the implications of geopolitical tensions, industry leaders like Ryzhenkov are advocating for policies that not only protect economic interests but also uphold ethical standards in the face of military aggression. The time for the EU to act decisively against Russian semi-finished steel imports is now, as both a matter of principle and practicality.
