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.
The European Bank for Reconstruction and Development has set records for financing Ukraine for the second year in a row: in 2025, it amounted to EUR2.9 billion after EUR2.4 billion in 2024, according to a press release from the bank on Thursday.
“Energy security accounted for more than €1.2 billion of EBRD financing to Ukraine in 2025… And for the second year in a row, more than 90% of projects and 57% of its investments were directed to the private sector,” the information notes.
According to the press release, in 2025, the EBRD allocated a record EUR 1.2 billion through partner financial institutions in Ukraine, including EUR 550 million under the Trade Facilitation Program.
The bank also provided EUR 504 million under portfolio risk-sharing programs, which provided new lending by Ukrainian partner financial institutions in the amount of up to EUR 1.6 billion.
In total, since 2022, these programs have enabled more than EUR 2.4 billion in new lending through 30,000 sub-loans to Ukrainian businesses, mainly small and medium-sized enterprises (SMEs).
In addition, the bank has focused on supporting skills development and employment in Ukraine, enabling partner financial institutions to develop specialized lending products that mobilize financing for veterans and veteran-owned businesses.
As EBRD First Vice President Gregory Hayett, who was visiting Kyiv this week, told reporters, the issue of personnel and their quality currently appears to be the most important for companies, even more so than ensuring their electricity supply.
In 2025, as part of programs with partner banks, the EBRD supported 111 sub-loans totaling EUR 12.2 million for the reintegration of veterans.
According to EBRD calculations, it is the largest provider of risk-sharing services for loan portfolios outside of government programs.
The EBRD stressed that the increase in funding for Ukraine was made possible by additional forms of financing and assistance from partners. In 2025, this included significant donor grants and trade financing amounting to EUR 600 million, while the EBRD’s core investments reached a record EUR 2.3 billion.
According to the release, since the start of Russia’s full-scale war against Ukraine in February 2022, the bank has allocated EUR 9.1 billion to the country, including nearly EUR 3.3 billion for energy security.
During this time, the EBRD mobilized EUR 3.4 billion in donor funds for Ukraine, including unfunded guarantees, of which EUR 904 million in secured financing was signed in 2025.
An additional EUR 20 million was mobilized in 2025 through multilateral donor funds, enabling investment in a variety of projects across the country, the EBRD noted.
“We will continue to support Ukraine and are already working with the government to lay the groundwork for reconstruction,” EBRD President Odile Renaud-Basso said in the release.
According to him, the bank will continue to provide Ukraine with at least EUR 1.5 billion per year during the war, with the possibility of further increases once reconstruction begins. These intentions are backed by a 2023 agreement to increase the EBRD’s paid-in capital by EUR 4 billion, which provides support to Ukraine. The capital increase has already been 95% completed.
The release also notes that, in addition to financing, the EBRD continues to support Ukraine’s reform efforts and preparations for the effective absorption of the huge amount of financing that the recovery is expected to bring. To this end, the bank is involved in project preparation, including the multinational Ukraine FIRST initiative announced in 2025, which aims to accelerate the restoration of Ukraine’s critical infrastructure by optimising and coordinating the preparation of large-scale projects.
Overall, in 2025, the bank’s annual investments in all EBRD regions increased to EUR16.8 billion, also a record, from EUR16.6 billion in 2024. The bank’s full financial results are expected to be announced in the spring.
The EBRD was established in 1991. According to data at the end of 2024, during its operation, the financial institution approved 624 projects for Ukraine worth EUR22.15 billion, of which EUR14.14 billion was disbursed. The current portfolio at the end of 2024 consisted of 241 projects worth EUR6.13 billion.
The sugar beet processing season in Ukraine officially ended on February 1, 2026, with total sugar production in the country amounting to 1.72 million tons, according to the National Association of Sugar Producers “Ukrtsukor.”
According to the association’s data, the 26 factories that are members of the association produced 1.64 million tons of sugar. Taking into account one more enterprise operating outside the association, the total figure reached 1.72 million tons.
Despite a significant reduction in sugar beet acreage — by 50,000 hectares, or 23% compared to the previous year — sugar production fell by only 4%, or 80,000 tons.
Yana Kavushevska, head of the Ukrtsukor association, explained this dynamic by historically record yields and raw material quality.
“This is primarily due to an increase in sugar beet yields to a record 58 tons/ha for the industry, improved technological characteristics, in particular sugar content, which this year amounted to 17.6%, as well as operational improvements at factories. All these factors offset the impact of the reduction in acreage,” Kavushevska said.
According to the association, the average sugar yield for the industry in 2025 was 15.17%, which is almost 1 percentage point higher than in 2024.
The industry association also announced the top five sugar producers for the 2025 season, which included Radehivsky Sugar (32% of the total volume), Astarta (21%), UKRPROMINVEST-AGRO (15%), Teofipol Sugar Factory (6%), and ASPIK Group (5%).
As previously reported, Ukraine’s sugar industry remains export-oriented, with the European Union countries remaining the key market for Ukrainian producers within the established quotas.
The Korosten Reinforced Concrete Sleeper Plant (ZBSH Plant, Zhytomyr Region), which is part of Ukrzaliznytsia, increased its net profit by 7.4 times in 2025 compared to 2024, to UAH 47.1 million.
According to the company’s financial statements in the information disclosure system of the National Securities and Stock Market Commission (NSSMC), net income for the past year increased by 11.8% to UAH 478.2 million.
The plant received UAH 93.7 million in gross profit (3.9 times more), and operating profit increased 7.4 times to UAH 59.9 million.
At the same time, the report notes that in the fourth quarter of 2025, the company received net sales revenue of UAH 167.47 million, which is UAH 104.77 million (2.7 times) more than planned, but UAH 8.75 million (-5%) less than in the same period of 2024, due to a decrease in orders for reinforced concrete products.
Korosten ZBS specializes in the production of reinforced concrete sleepers, switch beams, and mobile modular shelters.
Production capacity utilization is 95% dependent on orders from Ukrzaliznytsia.
At the beginning of 2026, the plant had 363 employees, with an average monthly salary of UAH 34,900.
In 2024, the company produced 269,810 sleepers and 80 sets of switch beams. Its net income decreased by 10% compared to the previous year, to UAH 427.8 million, while net profit increased 4.6 times, to UAH 6.3 million.
PJSC Zaporizhkox, one of Ukraine’s largest producers of coke and chemical products and a member of the Metinvest Group, reduced its blast furnace coke production by 19.7% in January this year compared to the same period last year, from 74.4 thousand tons to 59.7 thousand tons.
According to the company, 73.3 thousand tons of coke were produced in December 2025, compared to 76.3 thousand tons in the previous month.
As reported, Zaporizhkox increased its output by 2.7% in 2025 compared to 2024, to 898,300 tons from 874,700 tons.
In 2024, Zaporizhkox increased its production of blast furnace coke by 2.1% compared to 2023, to 874,700 tons from 856,800 tons.
In 2023, Zaporizhkox increased its blast furnace coke output by 16% compared to 2022, to 856.8 thousand tons from 737.4 thousand tons.
Zaporizhkox has a full technological cycle for processing coke chemical products.
Metinvest is a vertically integrated mining group of companies. Its main shareholders are SCM Group (71.24%) and Smart Holding (23.76%). Metinvest Holding LLC is the managing company of the Metinvest Group.
According to the results of 2025, JSC Ukrnafta drilled 25 new wells and increased oil and gas production in oil equivalent by 3.39% compared to 2024.
“New drilling, intensification, and other measures taken collectively enabled Ukrnafta to increase its production in 2025 by 3.39% in oil equivalent compared to 2024. In particular, oil production increased by 3.77%, and gas production by 2.86%,” the company said in a press release on Tuesday.
In 2025, the company drilled 25 new wells, which was 150% more than in 2024, when 10 wells were drilled, and became a record figure in recent years.
“Seven of these wells were drilled by the company’s own forces, which indicates the growth of internal production capabilities,” the company added.
According to Ukrnafta, drilling volumes began to grow steadily after the company came under state control. Until 2023, the pace of new drilling remained minimal, averaging one to two wells per year.
“In fact, in 2025, the same number of wells were built as in the entire period from 2015 to 2022. At the same time, the volume of drilling by the company’s own forces is also growing,” the company said.
In particular, 6,188 m were drilled in 2023, 11,082 m (+79%) in 2024, and 18,994 m (+71%) in 2025.
“We are increasing drilling within the limits of existing special permits and at the same time restoring our own drilling capacities. This allows us to systematically increase the volume of work and reduce dependence on external contractors,” said Bogdan Kukura, Chairman of the Board of JSC Ukrnafta.
It is noted that a separate focus of attention for Ukrnafta is to increase the efficiency of well construction.
“The approach to the construction of drilling sites and access roads has been updated; we are continuing to replace outdated logistics equipment. As a result, the time required for installation and dismantling work has been reduced by 24% — to 10 days of savings on the construction of one well — and the amount of equipment used has been reduced,” the company stated.
Ukrnafta JSC is Ukraine’s largest oil production company and the operator of the largest national network of gas stations — UKRNAFTA. The company has 1,807 oil and 164 gas production wells on its balance sheet.
In 2024, the company entered into asset management with Glusco. In 2025, it completed an agreement with Shell Overseas Investments BV to purchase the Shell network in Ukraine. In total, it operates 663 gas stations.
The company is implementing a comprehensive program to restore operations and upgrade the format of its network of gas stations. Since February 2023, it has been issuing its own fuel vouchers and NAFTAKarta cards, which are sold to legal entities and individuals through Ukrnafta-Postach LLC.
The largest shareholder of Ukrnafta is Naftogaz of Ukraine with a 50%+1 share. In November 2022, the Supreme Commander-in-Chief of the Armed Forces of Ukraine decided to transfer the company’s corporate rights, which belonged to private owners, to the state, which is now managed by the Ministry of Defense.
