The article provides a comprehensive analysis of the current state of the metallurgical complex in the Russian Federation in the context of the multidirectional trends in 2024–2025. It shows that the industry's systemic role is maintained due to its multi-level technological loop, from raw material extraction and preparation to the production of semi-finished products and high-tech items, and its ability to generate export revenue and support employment in industrial regions (the Urals, Siberia, and the North-West). Based on data from Rosstat, the Federal Customs Service, Russian Railways, the Association of Sea Trade Ports, corporate communications from Norilsk Nickel, and assessments by RIA Rating, it was established that in the first half of 2025, the steel industry experienced a deep decline due to a decrease in domestic demand from the construction, transport engineering, cable, and battery industries. At the same time, the non-ferrous metallurgy sector demonstrated moderate growth with high selectivity across sub-sectors. It was found that exports played a compensatory role in response to weak domestic demand. It is concluded that the weakening of the ruble will support export positions until the end of the year, while the recovery of domestic demand will be limited by high interest rates; the industry's sustainability is determined by the balance of export compensation and internal efficiency measures.