Metinvest B.V. (Netherlands), the parent company of the Metinvest mining and metallurgical group, increased its revenue from product resale by 30% in 2024 compared to 2023, to $2.869 billion.
According to the group’s annual report, resales accounted for 36% of total revenue, up 6 percentage points (pp) from 2023.
It is specified that Metinvest’s revenue is mainly generated from the sale of metal, iron ore, coal, and coke products of its own production. The group also resells products manufactured by joint ventures and third parties.
In 2024, Metinvest’s consolidated revenue amounted to $8.05 billion, which is 9% more than in 2023. This growth is primarily due to the resumption of shipping in the Black Sea, which eased logistical restrictions on exports. In addition, the volume of steel and iron ore resales increased significantly amid improved operating performance of both joint ventures. At the same time, sales prices declined in line with global benchmarks.
In terms of markets, Metinvest’s revenue in Ukraine fell by 2% last year to $2.587 billion, mainly due to lower sales prices. As a result, Ukraine’s share in consolidated revenue fell by 3 percentage points to 32%.
At the same time, sales to other markets decreased by 15% compared to 2023, to $5.463 billion, accounting for 68% of total revenue.
Revenue in Europe (excluding Ukraine, European CIS countries, and Turkey) decreased by 8% due to weaker prices and lower shipments of iron ore concentrate (down 18%), coal concentrate (down 26%), and billets (down 34%). This was offset by a 10% increase in shipments of pellets and flat products. As a result, the region’s share in total revenue decreased by 7 percentage points to 41%.
Sales in Asia (excluding the Middle East and Central Asia) increased 2.6 times, mainly due to the resumption of iron ore concentrate shipments to China. This led to an increase in the region’s share of consolidated revenue by 9 percentage points to 16%.
Revenue in North America remained virtually unchanged at $443 million. Long products shipments increased by 43%, while pig iron volumes declined by 15%. The region’s share in consolidated revenue remained unchanged at 6%.
Sales to the Middle East and North Africa (MENA) increased 2.2 times, mainly due to a threefold increase in shipments of billets. The region’s share in consolidated revenue increased by 1 percentage point to 3%.
Revenue in the CIS countries increased by 25%, but the region’s share in consolidated revenue remained unchanged at 1%.
Sales in other regions increased by 13%, and their share in consolidated revenue remained unchanged at 1%.
As reported, Metinvest’s consolidated net loss in 2024 increased sixfold compared to 2023, to $1.152 billion from $194 million, revenue increased slightly, to $8.050 billion from $7.397 billion, while EBITDA increased by 11.1% to $957 million from $861 million. Revenue from the metallurgical sector amounted to $4.824 billion (in 2023 – $4.846 billion), and from the mining segment – $3.226 billion ($2.551 billion).
The adjusted EBITDA of the group’s metallurgical division was recorded at $289 million ($159 million), and that of the mining segment at $768 million ($770 million). Metinvest’s operating loss for 2024 amounted to $938 million, compared with an operating profit of $445 million in 2023. In addition, free cash and cash equivalents increased slightly to $657 million from $646 million at the end of 2023.
Metinvest is a vertically integrated group of mining and metallurgical companies. Its enterprises are located in Ukraine, in the Donetsk, Luhansk, Zaporizhia, and Dnipropetrovsk regions, as well as in the European Union, the United Kingdom, and the United States. The main shareholders of the holding company are SCM Group (71.24%) and Smart Holding (23.76%). Metinvest Holding LLC is the managing company of the Metinvest Group.
