Prospects for the Development of the Russian Ferrous Metallurgy in the Context of Sanctions

Abstract

Relevance. Currently, ferrous metallurgy plays an important role in the Russian economy. The ferrous metallurgy industry accounts for approximately 5-6% of GDP and is a key indicator of the country's technological development and production capacity. It affects various spheres of society, including construction, mechanical engineering, and the automotive industry. Ferrous metallurgy is also relevant because of its connection with environmental and energy problems. However, for the successful development of this industry, systematic work is needed to modernize technologies, ensure energy efficiency, and comply with environmental standards.The purpose is to analyze the effectiveness of the functioning of the domestic ferrous metallurgy as the basis for sustainable socio-economic development of the country in modern conditions and identify trends in the development of industry in the context of sanctions and global economic stagnation.Objectives: it is necessary to identify whether the policy of import substitution established by Russia and the adopted Strategy for the Development of the metallurgical industry of the Russian Federation for the period up to 2030 contributes to economic growth, improving national security and ensuring a decent standard of living for the population of the country.Methodology. The above study used the works of Russian scientists and the analysis of materials by Russian experts. Methods of comparison, analysis, synthesis and forecasting were used in the study.Results. Ferrous metallurgy, based on advanced technologies, is not only an indicator of economic and social development but also forms the basis of the country's economic independence and security.Conclusions. The development of ferrous metallurgy without the revival of domestic engineering and the replacement of imported machines and technologies with their domestic products will lead to a further increase in dependence on the Western economy and the goals of Western politicians, and this is not only a matter of security, but also the existence of the state itself.