Security guarantees will be a key factor in the recovery of Ukraine's devastated economy if newly elected U.S. President Donald Trump begins negotiations to end the war with Russia upon returning to the White House, stated Yuriy Ryzhenkov, the CEO of one of the country's largest companies, "Metinvest," in an interview with the leading British publication The Guardian.
According to him, the economy could revive similarly to the German economic miracle following the destruction of World War II, provided that the right policies are implemented. At the same time, he speaks of significant uncertainty regarding Trump's plans.
Trump has promised to end the war in Ukraine "in one day," but he has not explained how he intends to achieve this upon returning to power in January. His representative on Ukraine and Russia, Kit Kellogg, suggested removing American weapons from Ukraine if it does not agree to peace negotiations.
Some individuals and businesses in Ukraine are anxiously awaiting Trump's inauguration as Russia strengthens its positions on the front lines.
"President Trump is a decisive person, and his promise to end all wars, including the war in Ukraine, is a very positive development. The problem is that we still do not know what this plan will look like. For me, the guarantees of security that we will receive after the war ends or a ceasefire are more important," said Ryzhenkov.
He also noted that investors are showing interest in Ukrainian assets that have the potential for economic recovery and attracting domestic investments, particularly in lithium and uranium deposits, as well as in industrial production. He reminded that "Metinvest" has suffered significant losses during the war. The metallurgical plants "Azovstal" and MMK named after Ilyich in Mariupol were destroyed during the long blockade of the city. The company also lost its coking plant in Avdiivka.
The group’s CEO added that the company, which continues to generate funds despite the war and excess steel in the world, remains the largest corporate taxpayer and one of the largest employers in Ukraine. "Metinvest" has 43,000 active employees in Ukraine and up to 9,000 mobilized into the Armed Forces, making it the largest donor to the defense forces among private enterprises in the country.
Ryzhenkov stated that logistics remain the main challenge for the Ukrainian enterprises of "Metinvest." The restoration of operations at seaports in southern Ukraine and railway connections allows the company to export products. Meanwhile, "Zaporizhstal" operates at three-quarters of its capacity, while "Kametstal" operates at 65%. However, the company faces significant risks of further losses after the frontline shifted approximately 10 km toward the coal mine in Pokrovsk.
One-third of "Metinvest's" revenue comes from the Pokrovsk Coal Group, which extracts coking coal for the company's metallurgical plants and for "ArcelorMittal Kryvyi Rih."
Regarding the global market, Ryzhenkov noted that "Metinvest" cannot be insulated from what is currently happening, but he added that the industry is likely at the lowest point in the cycle, after which demand and prices should gradually recover.
"Metinvest" consists of mining and metallurgical enterprises located in Ukraine, Europe, and the USA. Its main shareholders are the "SKM" group (71.24%) and "Smart Holding" (23.76%), which jointly manage it.
LLC "Metinvest Holding" is the managing company of the "Metinvest" group.