Due to the full-scale war, the mining and metallurgical group Metinvest reduced its annual revenue from $10-12 billion to $5-6 billion, while remaining a profitable company, its CEO Yuriy Ryzhenkov said in an interview with the British newspaper The Times.
The war has significantly affected the financial performance of Metinvest, which sells a significant portion of its metal products in Ukraine and exports iron ore, flat-rolled products, and semi-finished products to 51 countries, including China, India, and the US.
According to Ryzhenkov, “before the war, the business usually had an annual income of $10-12 billion, and now this figure is around $5-6 billion. Despite this, the company remains profitable, and the CEO considers the impact of Trump’s tariffs to be insignificant.”
At the same time, it is noted that Metinvest’s largest enterprises were bombed and put out of operation, including the Mariupol metallurgical plants, which were one of the first battlefields. Metinvest’s revenue has halved, and its workforce has shrunk to around 50,000. Tens of thousands of people have lost their jobs at the group’s enterprises; 8,000 are now serving in the Armed Forces, and 764 employees have been killed.
Despite these losses, top management has managed to keep those who remained in the company motivated. Metinvest is one of the largest private donors to the Ukrainian army, and its steel is used for shelters and military equipment.
“Employees feel that they are part of the resistance. And they are proud of it,” said the CEO.
Metinvest is a vertically integrated group of mining and metallurgical enterprises. Its enterprises are located in Ukraine—in the Donetsk, Luhansk, Zaporizhzhia, and Dnipropetrovsk regions—as well as in the European Union, the United Kingdom, and the United States. The main shareholders of the holding are SCM Group (71.24%) and Smart Holding (23.76%). Metinvest Holding LLC is the managing company of the Metinvest Group.
