Metinvest B.V. (Netherlands), the parent company of the Metinvest mining and metallurgical group, reduced its revenue from product sales in Ukraine by 11% in 2025 compared to 2024, down to $2.3 billion.
According to the group’s press release based on the 2025 annual report, this result primarily reflects the absence of coking coal concentrate sales, a decline in iron ore concentrate resale volumes, and lower average selling prices. Ukraine’s share of consolidated revenue decreased by 2 percentage points (pp) to 32%.
Sales to other markets fell by 3% to $4.942 billion, accounting for 68% of total revenue. In particular, sales to Europe rose by 3% due to increased shipments of flat and long products from own production (by 18% and 41%, respectively), billets (by 15%), flat products for resale (by 9%), and pig iron (2.1 times). The region’s share of total revenue rose to 44% (up 3 percentage points year-over-year).
Sales to Asia fell by 5%, mainly due to a decline in resold iron ore concentrate volumes (by 7%) and lower average selling prices. The region’s share of total revenue remained unchanged at 16%.
Revenue from North America decreased by 24% due to an 80% decline in long product shipments and lower average selling prices. The region’s share of consolidated revenue remained stable at 4%.
Revenue from the Middle East and North Africa (MENA) decreased by 29%, primarily due to a 34% decline in billet shipments. The region’s share of total revenue fell to 3% (down 1 percentage point).
Sales to other regions fell by 18%, while their share of total revenue remained unchanged at 1%.
In 2025, revenue in the metallurgical segment grew by 6% to $5.107 billion, primarily due to increased sales of finished products and semi-finished products (by 4% and 7%, respectively) and other products and services (by 40%). Meanwhile, coke sales fell by 20%. This segment accounted for 71% of total revenue (an increase of 8 percentage points).
Pig iron sales rose by 41% to $371 million, mainly due to a 53% increase in sales volume to 857,000 tons. This reflects growth in both resales (by 48%) and domestic shipments (2.5 times). The share of resales in total volume decreased by 4 percentage points, to 91%. North America remained the primary destination, accounting for 63% of shipments in 2025 compared to 71% in 2024. Shipments to Europe increased 2.2-fold and accounted for 32% of total shipments in 2025 (up 9 percentage points).
In 2025, sales of billets fell by 16% to $327 million, primarily due to a 12% drop in sales volume to 629,000 tons amid lower production. Shipments to Europe increased by 42,000 tons, while shipments to the Middle East and North Africa decreased by 121,000 tons. These regions accounted for 50% and 38% of total shipments in 2025, respectively (38% and 50% in 2024). The average selling price also declined, in line with the CFR Türkiye benchmark for square billets, which fell by 11% year-over-year.
During the reporting period, flat steel sales rose by 6% to $2.375 million, driven by a 15% increase in sales volume to 3,498 thousand tons. This included a 15% increase in resales and a 13% increase in domestic shipments. The share of resales in total volume rose to 70% (up 1 percentage point). Europe remained the main market, accounting for 71% of total shipments (72% in 2024). Sales volumes in the region increased by 279,000 tons amid rising demand and the resumption of hot-rolled steel production by the group in Italy. Shipments to Ukraine rose by 29%, accounting for 26% of sales volumes (23% in 2024). The average selling price declined in line with the HRC CFR Italy benchmark, which fell by 7% year-over-year.
In 2025, long product sales rose by 1% to $960 million, driven by a 3% increase in shipments to 1.411 million tons. Shipments to North America fell by 80% due to tighter trade restrictions in Canada and the U.S. and accounted for 3% of total annual volume (17% in 2024). These products were redirected to Europe, where shipments rose by 40%, increasing the region’s share to 48% of total sales (up 13 percentage points). Shipments to Ukraine rose by 4%, accounting for 45% of the total volume (unchanged year-on-year). The average selling price decreased in line with the CFR Türkiye benchmark for square billets.
During the reporting period, coke sales fell by 20% to $390 million. The decline was primarily due to lower average selling prices, reflecting trends in coking coal quotations. Total shipments increased by 7% to 1.450 million tons due to higher sales volumes at the Zaporizhstal joint venture.
In 2025, revenue from the mining segment decreased by 25% to $2.135 billion. This result reflects the absence of coking coal concentrate sales and a decline in iron ore product sales (down 11%). The segment’s contribution to total revenue was 29% (a decrease of 8 percentage points).
Sales of commercial iron ore concentrate fell by 14% to $1.409 billion, primarily due to a 13% reduction in total shipments to 14.376 million tons. This reflects a 22% decrease in resale volumes and a 4% decline in own shipments. As a result, shipments to Ukraine and Asia decreased by 47% and 3% year-over-year, respectively. Accordingly, these regions accounted for 11% and 78% of total sales, respectively (18% and 70% in 2024). Shipments to Europe fell by 20% amid declining demand, accounting for 10% of the total in 2025 (11% in 2024). Although the CFR China benchmark for 62% iron ore fines fell by 8% year-on-year, the average selling price remained nearly unchanged due to improved logistics efficiency.
In 2025, pellet sales decreased by 6% to $708 million due to lower average selling prices, while shipments increased by 4% to 6.317 million tons. Most of these volumes were shipped to Europe (71% in 2025; 81% in 2024) and Ukraine (25% in 2025; 16% in 2024).
Last year, no coking coal concentrate was sold due to the suspension of operations at Pokrovskvugillya.
Metinvest is a vertically integrated group of mining and metallurgical enterprises. The holding’s main shareholders are the SCM Group (71.24%) and Smart Holding (23.76%). Metinvest Holding LLC is the management company of the Metinvest Group.
