Metinvest B.V. (Netherlands), the parent company of the Metinvest mining and metallurgical group, sold 39% of its steel products on the domestic market in January-September 2025, amounting to $3.777 billion, compared to 38% in the same period of 2024, with total sales of $3.688 billion.
According to a presentation based on Metinvest B.V.’s interim report for the first nine months of 2025, published on Tuesday, sales in Europe accounted for 49% of total sales during this period (the same as in the first nine months of 2024), in North America – 7% (6%), in the MENA macro-region – 3% (5%), and in other regions – 2% (2%).
At the same time, the share of iron ore sales in Ukraine during this period amounted to 14% of total sales – $1.698 billion – compared to 25% for the same period of the previous year with a total volume of $2.170 billion. The share of IRR sales in Europe (excluding Ukraine, European CIS countries, and Turkey) was 29% (32%), in Asia (excluding the Middle East and Central Asia) – 55% (42%), and in the MENA macro-region – 2% (1%). However, the mining segment’s revenues do not include United Coal’s results for either the first nine months of 2024 or the first nine months of 2025.
The presentation notes that sales in the metallurgical sector grew by 2% year-on-year, mainly due to higher sales volumes of pig iron (up 88%) and flat products (up 12%). These trends reflect an increase in both own and resale operations. The segment’s performance was also supported by higher shipments of own-produced long products (up 4%). Average steel sales prices for the first nine months of 2025 declined year-on-year in line with global trends, while finished steel prices in the third quarter of 2025 recovered compared to the previous quarter.
Ukraine and Europe remained key markets, accounting for 39% and 49% of the metallurgical sector’s total revenue, respectively.
Sales in the mining sector decreased by 7% year-on-year, mainly due to the suspension of operations at Pokrovskvuhillya and a 6% year-on-year decline in iron ore concentrate resales. Iron ore pellet shipments increased by 6% amid growth in production and stronger demand from key customers in neighboring markets. The Black Sea maritime corridor continued to support sales of iron ore products to Asia, increasing the region’s share to 55% (up 13 percentage points). Although average iron ore sales prices were in line with global benchmarks, FCA prices for concentrate increased due to improved logistics efficiency.
Sales in hard currency (US dollars, US dollar-pegged currencies, euros, and pounds sterling) accounted for 81% in the first nine months of 2025 (down 5 p.p. year-on-year).
Iron ore and steelmaking assets operated relatively steadily during the period in 2025, with no significant changes observed despite various operational difficulties caused by the war. Iron ore assets operated at an average of about 50% of pre-war capacity. The group secured alternative sources of coking coal for steel production.
After the overhaul of blast furnace (BF) No. 9 at the Kametstal plant in the first half of the year, pig iron production was restarted and restored to its original design capacity. Zaporizhstal, in turn, operated three of its four furnaces. Since the end of 2025, intensified Russian attacks targeting Ukraine’s energy infrastructure have led to significant electricity shortages and increased electricity rationing across the country. These disruptions affected the group’s assets and joint ventures, leading to a decline in production levels. Operations at Pokrovskvuhillya remain suspended.
In addition, Metinvest’s assets outside Ukraine reportedly continued to operate as separate business units while providing support for the group’s overall activities. In particular, operating activity at the group’s Italian rolling assets fluctuated depending on market conditions and the availability of profitable orders in Europe. Ferriera Valsider resumed hot-rolled coil production in the first half of 2025. The group’s plants in Bulgaria and the UK showed relatively stable results.
In December 2025, Metinvest acquired a Romanian welded pipe plant in Iasi with an annual capacity of 240,000 tonnes. This ensured stable sales for Zaporizhstal’s hot-rolled coils and increased Metinvest’s presence in the EU in the higher value-added steel products segment. The Group is in the final stages of selling United Coal (USA). Metinvest’s trading divisions, headquartered in Switzerland and Poland, continued to support the Group in generating revenue.
Metinvest is a vertically integrated group of mining and metallurgical enterprises. 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 US. 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.
