Steel production

Supplementary reading

Text E Industrial potential of Ukraine

Ukraine is relatively rich in natural resources, particularly in mineral deposits. Although oil and natural gas reserves in the country are largely exhausted, it has other important energy sources, such as coal, hydroelectricity and nuclear fuel raw materials.

Agriculture

Ukraine is the world's largest producer of sunflower oil, a major global producer of grain and sugar, and future global player on meat and dairy markets. It is also one of the largest producers of nuts. Ukraine also produces more natural honey than any other European country. Because Ukraine possesses 30% of the world's richest black soil, its agricultural industry has a huge potential. The agricultural industry in Ukraine is already highly profitable, with 40-60% profits.

Heavy industries

Iron mining

Ukraine is rich in mineral deposits, including iron ore, manganese ore, mercury, titanium, and nickel.

Ukraine is one of the world's most important mineral producing countries. There are nearly 8, 000 separate deposits, harboring some 90 different minerals, of which about 20 are economically significant. About half of all the known deposits are under exploitation. Coal reserves in Ukraine amount to 47.1 billion tons. The annual domestic demand for coal as fuel is about 100 million tons, of which 85 percent can be satisfied by domestic production. Ukraine has oil and gas fields that meet 10 percent of her oil and 20 percent of her gas consumption, respectively. Ukraine contains natural gas reserves of 39.6 trillion cubic feet, but only about 20 percent of the country's demand is met by domestic production. Deposits of iron ore (estimated at 28 billion tons), manganese ore (3 billion tons), chalk and limestone (1.5 billion tons) are also large in Ukraine.

Steel production

Ukraine has a major ferrous metal industry, producing cast iron, steel and pipes. Among its economy leading companies in that field are Metinvest, Kryvorizhstal, AzovStal, Ilyich Steel & Iron Works, and others. As of 2010, Ukraine was the world's eighth largest steel producer (according to World Steel Association). Another important branch is the country's chemical industry which includes the production of coke, mineral fertilizers and sulfuric acid. Manufactured goods include metallurgical equipment, diesel locomotives, tractors, and automobiles. The country possesses a massive high-tech industrial base, including much of the former USSR's electronics, arms industry and space program. However, these fields are state-owned and economically underdeveloped.