How “ineffective” sanctions undermine russian steel industry
How “innefective” sanctions undermine the metallurgical industry in russia
russian metallurgical plants are drastically cutting production. Due to sanctions, they’ve lost foreign markets, leaving them with no one to export their products to.
Even official statistics, which russia often “embellishes,” show significant drops: rolled steel production is down by 18.2% compared to last year, iron production by 9.4%, steel pipe production by 9.5%, and carbon steel production by 15.8%.
▫️ Sanctions have particularly affected the Pipe Metallurgical Company, russia’s largest steel pipe producer, where exports from several facilities have fallen by 50-60%.
Metallurgy is one of russia’s strategic industries and a key source of export revenue. The repercussions of this industry crisis will soon reach ordinary russians, as production cuts often lead to mass layoffs of factory workers.
▫️ The CCD has also reported on a mining industry crisis in russia, with companies facing severe losses, leading to the closure of numerous mines.
