Belarusian National Technical University (Minsk, Belarus):

S. Yu. Solodovnikov, Dr. Econ., Prof., Head of Dept. of Economics and Law, E-mail: solodovnikov@bntu.by
T. V. Sergievich, Cand. Econ., Associate Prof., Dept. of Economics and Law, E-mail: serhiyevich@bntu.by

The article is devoted to the study of the features, problems, risks and development trends of the ferrous metallurgy of the Republic of Belarus. Its specificity lies in high centralization of the industry and signs of a cluster structure; the use of scrap metal as a raw material; the predominance of state ownership; export orientation; intra-industry cooperation institutionally formalized into a holding; geographical proximity to the consumer. Since the ferrous metallurgy of the Republic of Belarus is import-dependent and export-oriented, the article considers its development taking into account the risks arising in the field of raw material supply, as well as through the prism of factors determining dynamics of world steel markets as the main type of Belarusian ferrous metallurgy products. The dynamics of economic cycles; investments in ferrous metallurgy; stimulation and growth of steel-consuming industries; changing environmental requirements; protectionist measures of international trade are revealed as these factors. Ferrous metallurgy of the Republic of Belarus doesn’t take an important place in world markets, but nevertheless demonstrates the dynamic development and growth of production. At the same time, many, first of all, external risks and threats require constant adaptation of Belarusian metallurgical enterprises to maintain the economic security of the industry. There is proposed in the article to develop measures to preserve traditional trade relations; strengthening intersectoral cooperation with industries which consume products in the domestic market; individualization of demand; “smart” environmental policy, which involves toughening environmental requirements and preservation of economic efficiency; digitalization with the Russia and Western Europe experience; search for alternative sources of raw materials.

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