Ukraine’s metal sector will see modest growth over the coming years, with a handful of new projects set to push production growth higher. However, production will not return to its pre-crisis highs as we expect steel prices to remain relatively low by historical standards and global overcapacity to remain. These two factors will disincentivise significant expansions. Indeed, none of the major players in either the aluminium or steel industries have announced substantial investment in Ukraine. The figures from the start of 2013 have certainly been disappointing. During the first four months of the year Ukraine registered a 2.5% increase in …
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