Business news from Ukraine

“Zaporizhstal” blows up blast furnace No. 2 after UAH 85 mln repair

Zaporizhzhia-based Zaporizhstal Iron and Steel Works is blowing up blast furnace No. 2 after a short-term third-degree overhaul.

According to the company on Wednesday, the overhaul lasted around the clock for six days. BF-2 will be blown up until the end of this week. The plant allocated more than UAH 85 million to upgrade the blast furnace.

“The specialists of Zaporizhstal’s blast furnace shop and engineering service, together with the specialists of Metinvest-Promservice and Zaporozhogneupor, have fully completed the planned work on the second blast furnace upgrade. The overhaul was preceded by a thorough preparatory stage, which made it possible to reduce the repair time by a day,” said Roman Slobodianiuk, CEO of the enterprise.

In total, about 200 specialists from the plant and contractors worked at the site. The main works performed include replacement of the backfill machine, repair of the foundry equipment, hydraulic and lubrication systems, repair of metal structures and railways of the bunker overpass, as well as maintenance of the aspiration systems of the production unit.

The main goal of the BF-2 overhaul is to increase equipment reliability and sustainability of the blast furnace production process and improve product quality, the press release explains.

It is also reminded that during the full-scale war, Zaporizhstal allocated more than UAH 1.2 billion to upgrade production equipment and treatment facilities operating at the complex. The main focus was on maintaining and upgrading equipment to ensure its reliable operation in unforeseen conditions.

As reported earlier, in January-April 2024, Zaporizhstal increased its rolled steel output by 59.1% compared to the same period in 2023, up to 844.8 thousand tons from 530.9 thousand tons, steel by 56.1%, to 1 million 9.3 thousand tons, and pig iron by 46.5%, to 1 million 50.4 thousand tons.

“In 2023, Zaporizhstal increased its rolled products output by 57.2% compared to 2022, up to 2 million 54.7 thousand tons, steel by 65.4%, up to 2 million 466.9 thousand tons, and pig iron by 35.3%, up to 2 million 718.9 thousand tons.

“Zaporizhstal is one of the largest industrial enterprises in Ukraine, whose products are in great demand among consumers both in the domestic market and in many countries of the world.

“Zaporizhstal is in the process of integration into Metinvest Group, whose major shareholders are System Capital Management (71.24%) and Smart Holding Group (23.76%).

Metinvest Holding LLC is the management company of Metinvest Group.

76th anniversary of independence of State of Israel was solemnly celebrated in Kyiv

On May 20, 2024, the Embassy of the State of Israel in Ukraine held a diplomatic reception in Kyiv on the occasion of the 76th anniversary of the proclamation of the independence of the State of Israel.

Ambassador Extraordinary and Plenipotentiary of the State of Israel to Ukraine Michael Brodsky welcomed distinguished guests to the event, including representatives of diplomatic missions of foreign states accredited in Ukraine, Ukrainian politicians and statesmen, representatives of law enforcement agencies, businessmen, representatives of the Israeli community, and cultural figures.

The event began with the performance of the National Anthem of Israel and Ukraine by the men’s quintet of the Verevka Choir.

Ambassador of the State of Israel to Ukraine Michael Brodsky delivered a speech in Ukrainian in which he emphasized that this year the Israeli people celebrate their main national holiday in times of war.

“It is difficult for us to rejoice this year. One and a half thousand Israelis were brutally murdered on October 7, and more than 130 of our fellow citizens are still in the hands of terrorists.

This year we are especially acutely aware of the high price we have to pay for our independence. We are paying for it with the blood of our children and our loved ones,” said the Ambassador.

In his speech, the Ambassador also emphasized that in difficult times of trial, both nations demonstrate understanding and amazing support for each other.

“There are few countries in the world that understand each other better than Israel and Ukraine. On February 24, 2022, from the first day of Russian aggression, the people of Israel supported Ukraine. On October 7, the people of Ukraine unequivocally supported Israel. We feel this support and highly appreciate it. I am confident that in spite of everything, we will cope with our problems. That despite wars and terror, our countries will remain free and independent,” – the Ambassador added.

On behalf of the Ukrainian government, Mykhailo Podolyak, Advisor to the Head of the Office of the President of Ukraine, expressed congratulations on the occasion.

During the reception, a photo exhibition “Design Duty” was held, featuring designers from Israel and around the world.



Forecast of dynamics of changes in ukrainian GDP in % for 2022-2025 in relation to previous period

Forecast of dynamics of changes in ukrainian GDP in % for 2022-2025 in relation to previous period

Source: and

Ukraine has exported over 136 mln tons of goods through ‘solidarity corridors’

“Solidarity corridors” have allowed Ukraine to export more than 136 million tons of products such as grain, ore and steel since 2022 and import more than 52 million tons of goods, including fuel, vehicles, fertilizers, as well as military and humanitarian aid, reports, citing the European Commission.

“In 2022, the EC, in cooperation with Ukraine and Moldova, created the so-called solidarity corridors to improve the operation of EU-Ukraine-Moldova transport routes after Russia’s invasion of Ukraine. These are alternative logistics routes that allow for the transportation of goods by rail, road, and inland waterway. The corridors, created to circumvent Russia’s blockade of Ukrainian grain exports through the Black Sea, now cover trade in all sectors,” the European Commission reminded.

“Solidarity Corridors” allow Ukraine and Moldova to export all types of goods to world markets and ensure the delivery of necessary products to Ukraine, the EC explained. These routes pass through the Danube region, Poland, the Baltic States and the Adriatic region. They complement the Black Sea route created by Ukraine in the fall of 2023.

The European Commission is convinced that the Danube Corridor and the Polish-Baltic Corridor are crucial for all imports, while the Adriatic Sea is of particular importance for Ukraine’s non-agricultural exports.

The European Union and international financial institutions have so far allocated more than EUR 2 billion to these routes. Large-scale projects include EU funding to improve navigation on the Danube and the Sulyn Canal to the Black Sea. River pilots have been trained with EU funds. In addition, information exchange with Ukrainian ports has been improved. This cooperation has helped to increase the safety and capacity of Danube navigation.

“Two years ago, the Solidarity Corridors changed logistics routes in Eastern Europe to support the functioning of the economies of Ukraine and Moldova and prevent a global food crisis. To date, they have brought about EUR 50 billion in revenue to businesses and at the same time strengthened Ukraine’s economic ties with the EU,” said European Commissioner Adina Valian.

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Housing prices in Ukraine increased by 16% – State Statistics Service

The housing price index in Ukraine in January-March 2024 amounted to 116%, while in the same period in 2023 the figure was 111.4%, the State Statistics Service (Ukrstat) reported.

According to it, in the primary market, housing prices in the first quarter of 2024 accelerated growth to 17.6% compared to 9.8% in the first quarter of last year. Three-bedroom apartments rose in price the most – by 17.9%. The price increase for one-bedroom apartments was 17.8%, and for two-bedroom apartments – 17.5%.

In the secondary market, prices accelerated growth to 15.3% in January-March 2024, up from 12.5% in the same period in 2023. Thus, the growth in prices for one-bedroom apartments amounted to 15.9%, two-bedroom apartments – 15.2%, three-bedroom apartments – 15.5%.

According to the statistics agency, compared to the previous quarter, housing prices rose by 5.7%, with a 5.2% increase in the primary market and a 6% increase in the secondary market.

According to the State Statistics Service, in the first quarter of 2024, prices for primary housing increased by 5.2% for one-bedroom apartments compared to the fourth quarter of 2023, by 5.3% for two-bedroom apartments, and by 4.9% for three-bedroom apartments. In the secondary market, prices increased by 6.1%, 6.2% and 5.9%, respectively.

The State Statistics Service noted that the figures exclude the temporarily occupied territories and part of the territories where hostilities are (were) conducted.