Ukrainian steelmakers reduced pig iron production by 0.6% in January–May of this year compared to the same period last year, down to 2.990 million tons.
According to data from the Ukrmetallurgprom association, 634,400 tons of pig iron were produced in May, 554,000 tons in April, 690,200 tons in March, in February—561,900 tons, and in January—549,900 tons.
As reported, Ukraine’s metallurgical enterprises increased pig iron production by 11.2% in 2025—to 7.884 million tons.
In 2024, Ukraine increased pig iron production by 18.1% compared to 2023—to 7.090 million tons. In 2023, pig iron production decreased by 6.1% to 6.003 million tons, and in 2022, by 69.8% to 6.391 million tons.
In 2021, before the war, 21.165 million tons of pig iron were produced, or 103.6% of the 2020 level.
The Experts Club Information and Analytical Center recently presented a video analysis of the top 20 steel-producing countries – https://youtube.com/shorts/j7Yev2HCS4o?si=lfmGJ5jrx8036z1U
EXPERTS CLUB, METALLURGY, PIG IRON, PRODUCTION, UKRMETALLURGPROM
The 2026 World Cup kicks off on June 11 and will be held across three countries for the first time—the United States, Canada, and Mexico. The tournament will be the largest in history: instead of 32 teams, 48 national teams will participate.
The format has changed. Teams are divided into 12 groups of four. The top two teams from each group, as well as the eight best third-place finishers, will advance to the knockout stage. This makes the group stage less intense but increases the importance of goal difference and the final score, even in matches against the favorites.
2026 World Cup Groups
Group A: Mexico, South Africa, South Korea, Czech Republic.
Group B: Canada, Bosnia and Herzegovina, Qatar, Switzerland.
Group C: Brazil, Morocco, Haiti, Scotland.
Group D: United States, Paraguay, Australia, Turkey.
Group E: Germany, Curaçao, Ivory Coast, Ecuador.
Group F: Netherlands, Japan, Sweden, Tunisia.
Group G: Belgium, Egypt, Iran, New Zealand.
Group H: Spain, Cape Verde, Saudi Arabia, Uruguay.
Group I: France, Senegal, Iraq, Norway.
Group J: Argentina, Algeria, Austria, Jordan.
Group K: Portugal, DR Congo, Uzbekistan, Colombia.
Group L: England, Croatia, Ghana, Panama.
The main favorites of the tournament are Argentina, France, Spain, Brazil, and England. Argentina enters the tournament as the reigning world champion, France remains one of the strongest teams in Europe, Spain boasts a strong generation of young players, Brazil is traditionally among the title contenders, and England remains one of the most expensive and balanced national teams in terms of its roster.
Portugal, Germany, the Netherlands, and Uruguay are also worth keeping an eye on. These teams may not always look like the top favorites, but they have enough quality to go far in the knockout stage.
Among the second-tier teams, Morocco, Croatia, Switzerland, Japan, Colombia, and Senegal are worth watching. Morocco has already proven at the 2022 World Cup that it can compete with European powerhouses, Croatia remains a tournament-ready team, and Japan is steadily improving and knows how to play against strong opponents.
From an economic standpoint, the 2026 World Cup will be not only a soccer event but also an infrastructure one. The U.S., Canada, and Mexico will see an influx of tourists, with hotels, airlines, restaurants, fan zones, the advertising market, and city services all experiencing additional demand for a month and a half.
The main intrigue of the tournament is whether the expanded format will maintain the quality of soccer. On the one hand, there will be more matches with clear favorites. On the other hand, smaller national teams will have a better chance of making it onto the world stage, and fans will have more unexpected storylines.
The Georgian Ministry of Internal Affairs has prepared a package of amendments to migration legislation that provides for stricter rules for issuing temporary and permanent residence permits to foreign students and spouses of Georgian citizens, according to Georgian and international media reports citing the country’s Ministry of Internal Affairs.
According to the proposals, only adult foreigners enrolled in accredited educational institutions will be eligible to receive a student residence permit. Additionally, the validity period of such a residence permit may not exceed the estimated duration of the study program.
The Georgian Ministry of Internal Affairs also proposes restricting the ability to obtain a permanent residence permit based on study. To do so, a foreign student must have resided continuously in Georgia for 10 years specifically under a student residence permit. However, time spent in the country prior to reaching the age of majority will not count toward this period.
Certain changes concern spouses of Georgian citizens. The bill provides for the introduction of a new type of permit—a residence permit for the husband or wife of a Georgian citizen. Before issuing it, a special commission will verify the authenticity of the marriage to prevent sham marriages aimed at legalizing residence in the country.
If the changes are approved, the new rules will take effect as early as July 1, 2026, and residence permits already issued prior to that date will remain valid until their expiration.
The tightening of the rules comes amid broader changes in Georgia’s migration policy. The country has previously raised the requirements for obtaining a residence permit through real estate investment, specifically by increasing the minimum property value threshold.
For foreigners considering Georgia as a destination for study, relocation, or family residence, the changes will mean a more complicated legalization process and fewer opportunities for automatic transition to permanent residency.
The tightening of rules comes amid broader changes in Georgia’s migration policy. Starting March 1, 2026, the country will also introduce new requirements for foreign nationals who are employed, running a business, self-employed, or working remotely. A transition period is in place until January 1, 2027.
For Georgia, the issue of migration has become particularly sensitive since 2022. According to a study by the ISET Policy Institute based on data from Geostat and the border police, between 2015 and 2024, the largest positive migration balance among foreigners in Georgia was recorded for citizens of Russia—97,090 people, Ukraine—27,150, Azerbaijan—14,250, Turkey—14,240, Belarus—13,540, and India—13,320.
In 2022–2024, the migration structure changed significantly. According to the same study, the main groups of foreign immigrants and net migration growth were citizens of Russia, Ukraine, and Belarus. Their share of the total number of foreign immigrants rose from 32% in 2012–2021 to 62% in 2022–2024.
Separately, changes apply to Ukrainians. Previously, Georgia granted Ukrainian citizens a longer visa-free stay, but in 2025, it was reduced to one year.
Georgia had previously tightened the requirements for obtaining a residence permit through real estate investment, specifically by raising the minimum property value threshold.
The Ukrainian Renewable Energy Association (UREA) supports the revision of electricity transmission tariffs for NPC “Ukrenergo” and proposes simultaneously launching the practical implementation of a mechanism to protect vulnerable electricity consumers and accelerating the introduction of targeted monetary support for the population.
This is stated in the association’s official letter addressed to the National Commission for State Regulation of Energy and Public Utilities (NEURC) and the Ministry of Energy of Ukraine, published on Facebook.
“The UAVE emphasizes: the discussion should not be limited solely to the tariff rate. A comprehensive solution is needed—a financially sound tariff must be combined with a gradual reduction of cross-subsidization and the launch of targeted monetary support for vulnerable consumers,” the association stressed.
The UAVE also considers it necessary to work with the Ministry of Social Policy, Ukrenergo, distribution system operators (DSOs), and other stakeholders to develop a data-sharing mechanism for launching targeted monetization of subsidies.
The association asserts that this approach will help maintain the financial stability of the energy sector, preserve social protection for the population, and reduce distortions in the electricity market. The transition to targeted support also aligns with Ukraine’s commitments regarding market liberalization to the EU, the IMF, and other international partners.
In turn, as stated in the association’s appeal to the NEURC and the Ministry of Energy, the UEA supports Ukrenergo’s position on the electricity transmission tariff, as the financial stability of the transmission system operator (TSO) is critical for the reliable operation of the power system, the fulfillment of special obligations, stable settlements between market participants, and the restoration of energy infrastructure.
The association cited Ukrenergo data, according to which the projected volume of electricity transmission in 2026 will be approximately 89.6 million MWh, which is significantly lower than the figure used when setting the current tariff. At the same time, costs to cover transmission losses have increased, the configuration of power grids is changing, and the volumes of electricity imports and long-distance transmission are growing—a situation that, against the backdrop of ongoing damage to energy infrastructure, requires significant financial investment.
“Trends such as the accumulation of debt among market participants, deteriorating payment discipline, reduced opportunities for the restoration and development of grid infrastructure, and a decline in the investment attractiveness of the energy sector—all in the absence of a source to cover the TSO’s costs—will intensify,” the UAVE emphasized.
At the same time, as the association noted, amid systematic attacks on energy infrastructure, the development of distributed generation, renewable energy sources (RES), and energy storage systems has become one of the key elements of energy security, as these facilities provide additional stability to the power system, increase its flexibility and maneuverability, and reduce the risk of shortages.
“Therefore, ensuring timely and predictable payments to renewable energy producers is not only a matter of fulfilling financial obligations but also a crucial factor in the further development of Ukraine’s energy resilience,” the UAVE concluded.
As reported, the NEURC proposes setting the tariff for NPC “Ukrenergo” for electricity transmission at 903.53 UAH/MWh (excluding VAT) effective July 1, 2026, which is 21.62% higher than the current rate.
It is noted that the updated tariff component for Ukrenergo’s special obligations regarding payment for electricity from alternative sources amounts to 367.56 UAH/MWh within the transmission tariff structure.
Accordingly, it is proposed to increase the dispatch tariff by 7.83% to 118.64 UAH/MWh.
The Experts Club analytical center assesses the situation in Ukraine’s warehouse real estate market in 2026 as a transition phase from post-shock recovery to a new growth cycle, in which the main constraints are not demand but a shortage of high-quality space, high construction costs, and security risks.
Following a sharp decline in 2022, when a significant portion of the Kyiv region’s warehouse infrastructure was damaged or destroyed, the market gradually resumed activity in 2023–2025. The most notable recovery occurred in the Kyiv region and in western Ukraine, primarily in the Lviv region.
By the end of 2025, the Kyiv warehouse market had shown the highest level of activity in the past decade. Gross absorption of warehouse space reached approximately 217,000 sq. m, which is 30% more than the previous year. New supply amounted to approximately 216,000 sq. m, and total supply effectively returned to pre-war levels—about 1.57 million sq. m.
Vacancy rates in the Kyiv market remained very low—around 3.5%. This means that despite the introduction of a significant volume of new space, the market is quickly absorbing it. For tenants, this creates a challenge in finding large, high-quality spaces, especially those exceeding 5,000–10,000 sq. m. For developers and property owners, however, this creates conditions for a gradual increase in rental rates and the launch of new projects.
In 2026, Experts Club expects more balanced dynamics. Following a record-breaking 2025, the volume of new supply in the Kyiv region may decline to approximately 90,000 sq. m. This means that the increase in supply will be significantly lower than last year, while demand from key tenant groups will remain steady.
The main drivers of demand remain retail, e-commerce, 3PL operators, the pharmaceutical sector, distributors, FMCG companies, and businesses that are restructuring their logistics to adapt to wartime conditions. Within the demand structure, the role of companies requiring not just “bare-bones warehouses” but modern Class A and B facilities with energy efficiency, autonomy, enhanced security, docking infrastructure, temperature control capabilities, and adaptation to pharmaceutical or food standards is growing.
Rental rates remain stable. In the Kyiv region, the prime rate in 2025 was approximately $5.3 per square meter per month, excluding VAT and operating costs, which corresponds to the pre-war peak level. In hryvnia terms, rates for dry warehouses have risen by approximately 9% since the start of the year and ranged between 200–250 UAH per sq. m per month. In 2026, a further moderate increase in rates is likely, particularly in the segment of high-quality properties with scarce characteristics.
The Lviv region remains the second key center for warehouse real estate development. Its advantages include relative security, proximity to the EU border, its role as a western logistics hub, and demand from relocated businesses, e-commerce, retail, and international operators. Average rates in the Lviv region for Class A and B warehouses in 2025 were approximately $5–5.5 per sq. m per month, and according to some estimates, $6–6.5 in high-quality properties.
At the same time, a local increase in vacancy rates is already noticeable in the Lviv region due to the introduction of new phases of warehouse complexes. This does not indicate oversupply, but signals a gradual transition of the market to a more competitive phase. The most promising areas remain those near the Polish border, routes toward Kyiv, and zones of future industrial parks.
In the central regions, particularly the Vinnytsia, Khmelnytskyi, and Ternopil regions, demand is driven primarily by agricultural companies, local manufacturers, distributors, and businesses seeking to locate warehouses closer to domestic consumers. These regions lag behind Kyiv and Lviv in terms of liquidity but have potential for the development of Class B warehouses, agri-logistics, production-and-warehouse complexes, and regional distribution.
The eastern and frontline regions remain the highest-risk areas. There, demand is largely concentrated on temporary or lower-grade warehouse space, but investment activity is constrained by security concerns. Dnipro retains its status as a major industrial and logistics hub, but investors apply a higher risk premium to projects there.
A key trend for 2026 is the growing demand for specialized formats. This includes multi-temperature warehouses, pharmaceutical warehouses, food logistics facilities, e-commerce facilities, last-mile logistics near major cities, as well as build-to-suit projects tailored to specific tenants. The supply shortage is most acute in these formats.
A separate factor is energy resilience. Following attacks on the power grid, tenants are increasingly evaluating warehouses not only based on location and rent, but also on the presence of generators, alternative energy sources, high-quality engineering, backup power capabilities, fire safety, and stable operation during outages.
Investor interest in warehouse real estate is recovering but remains selective. The most attractive assets are ready-to-use or nearly ready Class A warehouses in the Kyiv and Lviv regions, as well as projects with reliable tenants and long-term leases. For investors, the key considerations are not only yield but also asset liquidity, tenant quality, location security, and the cost of completion.
Current market yields on high-quality warehouse assets in Ukraine may remain higher than in most EU countries due to a war risk premium. However, it is precisely this premium that is the main constraint on the widespread influx of institutional capital. Foreign investors are interested in the segment but are mostly adopting a wait-and-see approach or considering partnerships with local players.
For developers, 2026 will be challenging due to high construction costs. Rising costs of materials, energy, logistics, insurance, financing, and construction work are limiting the launch of new projects, especially without a prior lease agreement. Therefore, the share of speculative construction will remain limited, while build-to-suit and phased development will be more popular models.
Key market risks in 2026:
security threats and the risk of infrastructure damage;
a shortage of high-quality land plots near key transportation corridors;
high construction and financing costs;
currency risks associated with hryvnia-denominated rent payments;
a shortage of large ready-to-use lots;
limited access to long-term capital;
instability in energy supply;
caution among foreign investors.
At the same time, fundamental demand for warehouse real estate remains strong. The Ukrainian market is still structurally underserved with high-quality logistics space compared to Central European countries. The war has accelerated changes in logistics: businesses need more flexible warehouses, closer to consumers, with better engineering, autonomy, and the ability to quickly adjust supply chains.
According to Experts Club’s base scenario, in 2026, Ukraine’s warehouse real estate market will see moderate growth in rental rates, low vacancy rates in the Kyiv region, activity in the Lviv region, and a gradual expansion of high-quality supply in central regions. The greatest demand will be for Class A properties, multi-temperature warehouses, pharmaceutical logistics, last-mile warehouses, and build-to-suit projects.
The optimistic scenario anticipates a more active return of foreign capital, the launch of new industrial parks, and accelerated construction in western and central Ukraine. The negative scenario is linked to heightened security risks, further damage to logistics infrastructure, rising financing costs, and a decline in investment activity.
Experts Club Conclusion: warehouse real estate remains one of the most resilient segments of Ukraine’s commercial real estate market. By 2026, this market will no longer appear to be in crisis, but it will not yet be fully normalized. Its main characteristic is a shortage of quality supply while real demand from retail, logistics, e-commerce, pharmaceuticals, and distribution remains steady.
For developers, this means an opportunity to launch new projects provided they work closely with tenants. For investors, it is a chance to enter a segment with higher returns but increased risk. For tenants, it is a necessity to plan warehouse needs in advance, as finding a high-quality large warehouse “here and now” in Ukraine is becoming increasingly difficult.
OpenAI, the U.S.-based developer of ChatGPT, has privately filed for an initial public offering in the United States, Reuters reports, citing sources.
According to the agency, the company may be targeting a valuation of up to $1 trillion, and the offering could take place as early as September 2026. However, the specific terms of the IPO, the size of the offering, and the timing of the listing have not yet been officially disclosed.
A potential OpenAI IPO could become one of the largest offerings in the history of the tech sector and a significant test for the artificial intelligence market. Investor interest in AI companies remains high amid growing demand for generative AI, cloud infrastructure, data centers, and computing power.
OpenAI became one of the most prominent companies in the field of artificial intelligence following the launch of ChatGPT in 2022. The service quickly became a mass-market product and intensified competition among the largest tech companies for leadership in generative AI.
OpenAI’s IPO could provide the company with additional capital to develop infrastructure, train new models, and compete with other market players. At the same time, its public status will require the company to demonstrate greater financial transparency and regularly disclose performance metrics to investors.
OpenAI was founded in 2015 as a research organization in the field of artificial intelligence. The company is known for its ChatGPT products, developer APIs, the GPT family of models, image and video generation tools, and corporate AI solutions. Among OpenAI’s key investors and partners is Microsoft, which actively integrates the company’s technologies into its own products and the Azure cloud platform.
OpenAI’s main competitors in the artificial intelligence market include Anthropic, the developer of Claude; Google DeepMind with its Gemini models; Meta with the Llama family; Elon Musk’s xAI with Grok; the French company Mistral AI; as well as Perplexity, Cohere, and a number of other companies developing generative AI, enterprise language models, and AI search.
Competition in the sector is intensifying not only due to the quality of models but also due to access to chips, data centers, corporate clients, and distribution. In this context, OpenAI’s IPO could become not just a financial event but a new phase in the battle for leadership in the global artificial intelligence market.
