The summit was dedicated to strengthening Ukraine’s economic integration into the EU. The event provided a platform for discussing reconstruction and investment in strategic sectors of the economy. It brought together more than 140 speakers, including senior officials from the European Commission and the government of Ukraine, representatives of international financial institutions and leading Ukrainian companies. The event was organised by the European Commission, the governments of Ukraine and Poland, and European Business Summits.
Ryzhenkov took part in the panel discussion “Industrial Ramstein: Equipping Ukrainian Industry for Recovery, Resilience and EU Integration”, held as part of the Ukraine-EU Industrial Dialogue. Also joining the discussion were Maive Rute, Deputy Director General of the European Commission’s DG GROW; Taras Kachka, Deputy Prime Minister for European and Euro-Atlantic Integration of Ukraine; Oleksii Sobolev, Minister of Economy, Environment and Agriculture of Ukraine; and representatives of Interpipe, KfW and Deloitte.
According to Metinvest’s CEO, the Group has been working with the EU for around 20 years. Throughout this period, the EU market has remained its largest sales destination, accounting for roughly 50% of its output.
“We have a strong understanding of how to operate in the EU market and engage with its regulatory framework. At the same time, there have always been significant challenges, particularly those related to restrictions on imports of finished steel products. In 2022, the European Union lifted these restrictions for Ukraine, and we effectively became part of the EU single market in terms of steel supply. Furthermore, in recent European Commission documents on quotas, Ukraine is already treated as a special case, and we have seen consistent support from Europe in recent years,” said Ryzhenkov.
Among the challenges complicating the integration of Ukrainian steelmakers into the EU industrial landscape, he highlighted the Carbon Border Adjustment Mechanism (CBAM), introduced earlier this year.
“CBAM presents a significant challenge for us. We were aware of this and began preparing for its introduction in advance. As early as 2021, we announced two decarbonisation projects in Ukraine. However, the ongoing war has made large-scale investment impossible, significantly weakening our position compared to European competitors. Combined with the global energy crisis, logistical disruptions and the challenging business environment in Ukraine, CBAM further exacerbates operating conditions. Today, it is one of the most pressing challenges in EU-Ukraine relations,” said Metinvest’s CEO.
In his view, one possible solution could be to defer payments under CBAM or direct revenues generated by the mechanism towards the modernisation and decarbonisation of Ukrainian industry.
“There are several approaches, well known to our government, that could improve the situation in the medium term and give Ukrainian industry the time it needs to adapt. We are not asking for special treatment: we are asking for time to put our internal processes in order,” added Ryzhenkov.
Metinvest’s CEO is confident that over the next decade, Ukraine will become a member of the EU, integrate into the EU’s steel and mining industries and, drawing on its resource base, contribute to Europe’s decarbonisation.
“It is important that both the EU and Ukraine see each other as partners and recognise the mutual benefits of Ukraine’s European integration. We would like our company to be regarded as a partner in new projects and areas of development. With such an approach, we will be able to move forward,” Ryzhenkov emphasised.