Ukraine's ferroalloy exports grind to halt after Kolomoisky-owned plants powered down

Ukraine practically stopped exporting ferroalloys after the shutdown of Ihor Kolomoisky's factories. While a year ago in January, exports amounted to almost 56,000 tons of ferroalloys, in January 2024, this figure fell by 99.6% to 235 tons. This is evidenced by the data of the State Customs Service, the industry publication GMK Center reported.

Back in December, the export of ferroalloys amounted to 2,500 tons.

The turnover of ferroalloy enterprises from the export of products for January amounted to a total of $862,000. In January 2023, export revenues were at the level of $51.6 million, and in December at $2.23 million.

The absence of exports is explained by the complete shutdown of the ferroalloy industry of Ukraine from November 2023, when the Marhanets and Pokrovsk mining and processing plants stopped production, and the Nikopol and Zaporizhzhya ferroalloy plants stopped smelting ferroalloys. All four enterprises are part of the business empire of Ihor Kolomoisky.

In addition to these four enterprises, Ukraine also has the Pobuzhsky Ferronickel Plant, which specializes in the production of ferronickel, not ferromanganese, as well as the Kramatorsk Ferroalloy Plant, which effectively ceased operations in 2020. Another factory of Kolomoisky - the Stakhanov Ferroalloy Plant – is located in the temporarily occupied Kadiyivka and is not controlled by him.

Ferroalloys, which are alloys of iron with other elements (manganese, silicon), are intermediate products of metallurgical production that are used in the steelmaking process to improve its mechanical or chemical properties.

Since September 2, 2023, Ihor Kolomoisky has been under arrest in the case of siphoning money out of PrivatBank.

In 2022, he lost his Ukrainian citizenship (although this has not yet been officially confirmed), as well as two oil assets – Ukrnafta and Ukrtatnafta.

On October 26, 2023, Kolomoisky resigned from managing the corporate rights of the media holding 1+1 media ; On November 1, it became known that Kolomoisky's airiline UIA faces bankruptcy.

Since November 2023, Kolomoisky's ferroalloy enterprises have ceased operations.