Metinvest B.V. (Netherlands), the parent company of the Metinvest mining and metallurgical group, ended January–June of this year with a net loss of $202 million, compared to a net loss of $58 million in the same period last year.
According to a press release issued by Metinvest B.V. on Monday regarding the first half of this year, revenue for the period increased by 3%, to $3.657 billion from $3.555 billion.
The company’s operating profit for the reporting period fell by 64% to $73 million.
In the first half of 2026, adjusted EBITDA decreased by 8.3% compared to the same period last year—to $311 million from $339 million. At the same time, EBITDA for the mining segment fell by 30%, to $119 million from $169 million, while EBITDA for the metallurgy segment rose by 17%, to $249 million from $213 million.
The financial results reflect the group’s performance prior to the port shutdowns and the subsequent shutdown of the Southern GOK, as well as before the shelling of Zaporizhstal and Kametstal, which caused those facilities to shut down as well.
It is noted, however, that Metinvest’s enterprises in Ukraine continued to operate at varying levels of capacity utilization due to constraints related to security, power supply, logistics, and economic factors. Despite all the challenges, the group demonstrated strong financial results, which enabled it to fully and timely repay $428 million in bonds in April. Since the start of the war, Metinvest, together with its joint ventures and associated companies, has allocated $328 million to support Ukraine.
Metinvest CEO Yuriy Ryzhenkov noted in his commentary that the first half of 2026 was generally characterized by stable operational and financial performance. A key achievement was the successful redemption in April of bonds maturing in 2026. This event demonstrates Metinvest’s financial discipline and resilience. Since 2022, the group has fully repaid three separate bond issues, with total payments exceeding $1 billion. Importantly, all these obligations were met without restructuring, despite the loss of control over certain assets and the unprecedented challenges facing Ukrainian businesses.
After the end of the reporting period, operating conditions in Ukraine became increasingly difficult: intensified missile attacks and drone strikes heightened security risks, disrupted commercial shipping through Black Sea ports, and further complicated export and import logistics. Against this backdrop, the “Pivdenny GZK” joint venture temporarily suspended production. In August and September 2026, missile strikes on the group’s enterprises—Zaporizhstal and Kametstal—resulted in the deaths and injuries of employees and caused significant damage to production and support infrastructure, leading to the temporary shutdown of the affected facilities.
“We plan to gradually resume operations at these facilities and bring the blast furnaces back online step by step. This demonstrates our commitment to preserving a competitive Ukrainian steel industry, which continues to support the country’s economy,” the CEO noted.
At the same time, external operating conditions are becoming more challenging. “We find ourselves in a fundamentally new regulatory landscape, driven by the EU’s introduction of the Carbon Border Adjustment Mechanism (CBAM) and changes to trade quotas. Although the group remains committed to decarbonization and integration into the EU’s economic space, these measures are placing additional pressure on Ukrainian industry at a time when the country continues to defend itself against military aggression and preserve its industrial potential,” Ryzhenkov emphasized.
Metinvest is a vertically integrated group of mining and metallurgical enterprises. Its facilities 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 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.
