Metinvest B.V. (Netherlands), the parent company of the Metinvest mining and metallurgical group, reduced its capital investments by 11% in January-September 2025 compared to the same period in 2024, to $142 million from $159 million, amid the war.
According to a presentation based on Metinvest B.V.’s interim report for the first nine months of 2025, published on Tuesday, 56% of total investments during this period were directed to the metallurgical segment (31% in the first nine months of 2024), and 43% ($64 million) to the mining sector (9 months of 2024 – 64%). Corporate overheads accounted for 1% ($4 million) (4%).
As noted, investments were directed in line with the group’s priorities and the changed configuration of its operating assets.
Capital expenditures on technical maintenance accounted for 72% of total investments (11 percentage points less than in the first nine months of 2024), while the share of investments in strategic projects increased to 28% (11 percentage points more).
After assessing its potential development trajectories in 2025, Metinvest reached several key conclusions, including the decision to modernize its flagship iron ore asset, Northern GOK (PGOK). The group resumed a key initiative to thicken tailings at the plant. The project is aimed at supporting production volumes and also helps to reduce tailings (waste – IF-U), reduce operating and capital costs, and lower the environmental impact. It has also strengthened the group’s commitment to building a green steel plant in Italy under the Adria project, which is planned to be implemented jointly with Danieli.
In addition, Metinvest signed a basic engineering agreement for a DR pellet production project with Primetals Technologies to modernize the Lurgi 552-A production line at PGZ – a key step in expanding the pellet portfolio to support green steel production.
The Group continued to invest in local energy solutions, including gas piston generators with a total capacity of 29 MW, to reduce wartime energy risks.
The presentation explains that the Adria project is a joint initiative between Metinvest and Danieli to create a state-of-the-art green steel plant in Piombino, Italy. It involves the construction of an electric arc furnace shop with a continuous casting and rolling complex using optimized, state-of-the-art, and proven technology. The first coil at the new plant is expected to be produced in 2028.
As reported, Metinvest reduced its capital investments in the first half of 2025 by 28% compared to the same period in 2024, from $127 million to $91 million. USD 52 million was invested in the metallurgical segment (USD 38 million in the first half of 2024) and USD 38 million in the mining sector (USD 83 million).
In 2024, Metinvest reduced capital investments by 17% compared to 2023, from $284 million to $235 million. At the same time, $81 million was invested in the metallurgical segment (in 2023 – $65 million), and $146 million ($213 million) in the mining sector.
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 European countries. 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.
