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Sunday, January 1, 2017

Ukraine Iron Ore Mining - Natural Resources and Research

Ukraine is a huge role player

Anyone who is knowledgeable about the iron producing industry will be very much aware of the huge impact that Ukraine has on this industry. According to currently available statistics Ukraine are only exceeded by seven other countries when it comes to the production of steel. Likewise in the area of iron exports there are only two other companies that are currently exporting more iron than Ukraine. When one looks at the total global crude steel output at least 2% of that overall total are being provided by the Ukraine. The Ukrainian steel industry are contributing 5% and more to the gross domestic product. Also when it comes to exports 34 percent of the total exports of the Ukraine comes from the steel industry according to statistics which has been released in 2007. Those statistics have also shown that over 400,000 people which represent over 10% of the total industrial labor force and over 2% of the national workforce are employed in this steel industry. Therefore comes as no surprise that the steel industry are considered a very important component of the Ukrainian economy. According to well researched statistics the Ukrainian steel industry have reached its highest level in 2007 when over 40,000,000 tons have been produced but unfortunately the slower economic conditions which followed shortly after pushed down the total production to below 30,000,000 tons.

The Ukraine possess huge iron ore deposits

Just like Australia and South Africa the Ukraine is fortunate enough to have huge natural iron ore deposits. Although there are exceedingly more iron ore deposits than could ever be used locally in the Ukraine and therefore exports are the only solution the only problem is that the high cost of extraction hampers the benefits which could be derived from exports. There are at least 14 active iron ore mining companies operating within the Ukraine and a similar amount of iron and steel mills and a couple of other steel production plants which specializes especially in ferroalloy elements. Since 2006 there has been a considerable modernization and an effort has been made to introduce more cost effective methods which also requires significantly lower sources of energy in order to produce steel products. During the 1990s Ukrainian’s steel industry has been privatized which has apparently benefitted this industry because the coal mining industry which are still government owned are struggling with never ending financial problems.

Several other deposits exist

The Ukraine does not only have iron ore deposits but also have a considerable amount of manganese and it actually has over 70% of the manganese deposits among all the old USSR countries. There are also substantial aluminum deposits in certain areas of the country but the production of aluminum are significantly limited because of the available of energy and also because of higher production costs. However according to statistics the available aluminum which can be produced in the Ukraine alone provides in about 30% of the local demand and are therefore not making as much impact as iron ore production.

Mining News, Fiscal Reports and News Releases - World Crude Steel Forecast


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