In January-February this year, Ukraine reduced exports of carbon steel semi-finished products in physical terms by 44.9% year-on-year to 200,696 thousand tons.
According to statistics released by the State Customs Service (SCS) on Tuesday, exports of carbon steel semi-finished products fell by 47% to $92.752 million in monetary terms.
The main exports were made to Bulgaria (40.00% of supplies in monetary terms), Turkey (25.10%) and Egypt (10.78%).
In the period under review, Ukraine imported 2.544 thousand tons of semi-finished products worth $2.043 million from the Czech Republic (94.42%) and Italy (5.58%), with all deliveries occurring in February.
As reported, in 2024, Ukraine increased exports of semi-finished carbon steel products in physical terms by 56.7% compared to 2023 – up to 1 million 886.090 thousand tons, while revenue in monetary terms increased by 52.4% to $927.554 million. The main exports were made to Bulgaria (32.06% of supplies in monetary terms), Egypt (18.50%) and Turkey (11.14%).
In 2024, Ukraine imported 306 tons of semi-finished products worth $278 thousand from the Czech Republic (88.13%), Romania (7.19%), and Poland (2.88%), while in 2023 it imported 96 tons worth $172 thousand.
IC “Express Insurance” (Kiev) in January-February 2025 made payments in the amount of UAH 67,2 mln, which almost corresponds to the indicator for two months a year earlier, the insurer’s website reports. Including payments on CASCO amounted to UAH 53 mln (-12%), while premiums on this type of insurance grew by 21,4%.
Payouts on MTPL amounted to UAH 13 mln, on other insurance contracts – UAH 1,2 mln.
IC “Express Insurance” was founded in 2008 and is a part of the group of companies “UkrAVTO”. It specializes on automobile insurance. Stable high speed of events settlement in IC is provided by optimal interaction with partner service stations.
Since April, 2012 IC Express Insurance is an associated member of the Motor Transport Insurance Bureau of Ukraine.
Ukrainian companies increased exports of ferrous scrap by 1.55% year-on-year to 40,980 thousand tons from 40,354 thousand tons in January-February this year.
According to statistics released by the State Customs Service (SCS) on Tuesday, 25,284 thousand tons of scrap were exported in February, up 61% from 15,696 thousand tons in the previous month.
In monetary terms, the export of scrap metal in January-February decreased by 8.4% to $11.816 million from $12.903 million.
Exports of scrap metal in the period under review were mainly to Poland (93.24% of supplies in monetary terms), Bulgaria (4.32%) and Germany (2.20%).
In the first two months of the year, Ukraine imported 3 tons of scrap metal per $1 thousand from the British Virgin Islands, with deliveries taking place in January.
As reported, in 2024, Ukraine’s scrap collecting enterprises increased exports of ferrous scrap by 60.7% compared to 2023 – up to 293,190 thousand tons from 182,465 thousand tons. In monetary terms, the export of scrap metal increased by 73.2% to $91.311 million from $52.723 million over the year. Last year, scrap metal was exported mainly to Poland (81.80%), Greece (13.75%) and Germany (3.19%).
Last year, Ukraine imported 104 tons of scrap metal worth $110 thousand, mainly from Turkey (64.55% in monetary terms), the British Virgin Islands (16.36%) and Panama (8.18%), while the previous year the country imported 1,075 thousand tons worth $411 thousand.
In January-February, China reduced steel production by 1.5% year-on-year to 166.3 million tons, according to the country’s State Statistics Office.
Pig iron production decreased by 0.5% to 140.75 million tons.
The State Statistics Office traditionally publishes economic indicators for January and February together to avoid data distortion due to long holidays to mark the Lunar New Year, which can fall in both January and February.
In January-February, China exported 16.97 million tons of steel, up 6.7% year-on-year, according to the State Customs Administration.
As reported, in 2024, steel production in China decreased by 1.7% to 1.005 billion tons.
More than 90% of what Denmark does in terms of support for Ukraine is related to weapons and defense equipment, this is a prerequisite for Ukraine’s survival as a nation, Danish Ambassador to Ukraine Ole Egberg Mikkelsen said.
“Denmark has been very active in terms of supporting Ukraine with defense equipment and weapons. I usually say that we do three things in Ukraine: weapons, weapons and weapons,” he said while speaking to the media on the margins of the U-Lead with Europe event on Tuesday.
At the same time, the ambassador stressed that Denmark also implements important civilian programs.
“But more than 90% of what Denmark does in Ukraine is related to weapons and defense equipment. And this, of course, is a prerequisite for Ukraine’s survival as a nation. If you are not armed, you cannot survive. This is very important for Denmark,” the diplomat emphasized.
And in addition, he recalled the implementation of the “Danish model” of support for Ukraine’s defense industry, which actually finances the purchase of weapons and defense equipment directly from Ukrainian manufacturers.
“And it turned out to be very, very innovative and very effective. This is something that we want to continue because we want Ukraine to stand firmly on its feet, including when it comes to weapons and defense equipment. And you have a huge potential,” the diplomat said.
Metinvest Reduces Debt by $620 Million and Increases EBITDA in 2024Metinvest B.V. (Netherlands), the parent company of Metinvest Mining and Metallurgical Group, has reduced its debt by more than $620 million since 2022.
As Yuriy Ryzhenkov, CEO of the company, noted in the annual report, despite the anxiety and uncertainty of the war, there were achievements over the past year that demonstrate the group’s resilience and ability to develop in the face of challenges.
“Metinvest’s global team has shown extraordinary strength and unity. We have maintained our status as a leading exporter and pillar of Ukraine, and we remain among the largest donors to the country’s defense efforts.
In 2024, Metinvest felt the positive impact of operational changes made possible by the opening of Black Sea navigation. This significant event reinforced our results for the year. It is important that we have restored our operational efficiency,” stated the top manager.
According to him, when a full-scale war broke out in 2022, the company made efforts to rebuild its supply chains and business processes. By 2023, the company managed to adapt to the new realities, and in 2024, significant improvements in operating performance were achieved, amounting to more than $200 million.
“Even in wartime, Metinvest continued to reduce its debt. Despite all the uncertainty, the Group has repaid more than $620 million of debt since the start of the full-scale invasion, demonstrating our strong commitment to our partners. Together with our partners, we have also made progress on the Adria project, our plan to build a green steel plant in Piombino, Italy. It is poised to deliver significant benefits to all stakeholders by prioritizing innovative technologies and sustainable business practices,” Ryzhenkov emphasized.
At the same time, the CEO acknowledged that despite these very real achievements, the company also faced numerous challenges, including electricity shortages, underutilization of some production assets and margin pressure in the second half of the year. In addition, when the security situation deteriorated in late 2024, Metinvest decided to suspend production at Pokrovskugol.
“Like the rest of the world, we are closely following the latest news, including expectations about the potential for a ceasefire. No matter what happens in the coming weeks and months, we will maintain our unwavering faith in the Ukrainian Armed Forces and remain committed to Ukraine’s recovery. We honor our defense employees, whose number has grown to more than 8,000, including those with joint ventures,” the CEO wrote in his commentary.
As of December 31, 2024, total debt amounted to $1.705 billion (down 14% from $1.981 billion in 2023), mainly as a result of a strong campaign to reduce bond debt and the use of trade finance. Net debt to EBITDA decreased to 1.1x (down 0.5x yoy) and amounted to $1.048bn (down 21%, in 2023 – $1.335bn).
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, and EBITDA increased by 12% to $957 million from $861 million. At the same time, the steel sector’s revenue amounted to $4.824 billion ($4.846 billion in 2023) and the mining segment’s revenue amounted to $3.226 billion ($2.551 billion).
Adjusted EBITDA of the group’s steel division was $289 million ($159 million) and mining segment $768 million ($770 million). Metinvest’s operating loss in 2024 amounted to $938 million compared to $445 million in operating profit 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 steel and mining companies. Its businesses are located in Ukraine, in Donetsk, Luhansk, Zaporizhzhia and Dnipro regions, as well as in Europe. The main shareholders of the holding are SCM Group (71.24%) and Smart Holding (23.76%), which jointly manage it. Metinvest Holding LLC is the management company of Metinvest Group.
