Business news from Ukraine

Business news from Ukraine

Zaporizhstal increased rolled steel production in January 2026 despite war

In January this year, the Zaporizhstal steel plant in Zaporizhia increased its rolled steel output by 0.3% compared to the same period last year, from 215,000 tons to 215,700 tons.

According to its press release on Tuesday, steel production for the first month of this year amounted to 234,400 tons (in January 2025 – 243,000 tons), and pig iron – 249,900 tons (287,700 tons).

In December 2025, Zaporizhstal produced 314 thousand tons of pig iron and 278.5 thousand tons of steel. A total of 251,400 tons of rolled products were shipped, compared to 309,100 tons of pig iron, 273,200 tons of steel, and 251,300 tons of rolled products in the previous month.

As noted in the company’s interim report for the fourth quarter of 2025, despite Russia’s full-scale invasion of Ukraine, the plant continued to maintain stable operations while fulfilling its business responsibilities to shareholders and stakeholders. Efforts were focused on maintaining high standards of production and stability in all aspects of the company’s operations. The company actively worked on the development and implementation of strategic initiatives aimed at increasing efficiency, improving product quality, and raising the level of environmental safety.

During the reporting period, Zaporizhstal continued to produce products, and production and technological equipment for the full metallurgical cycle was put into operation at a level of about 70-80% of maximum production capacity, and this level was considered stable in the foreseeable future. Assuming that there will be no significant deterioration in the situation, management expects the company to continue production at the current level and, subject to improvements in product delivery logistics, to increase production volumes in the future.

At the same time, as of the reporting date, it is difficult to predict the duration and scale of the war in Ukraine and its consequences, such as damage to infrastructure, constant power outages against the backdrop of rising electricity prices, changes in logistics chains, and supply risks, etc., indicate the existence of significant uncertainty that could cast significant doubt on the company’s ability to continue as a going concern, and therefore it may not be able to realize its assets and settle its liabilities in the normal course of business. However, management believes that the most likely scenario is a gradual improvement in the situation and continued recovery in Ukraine, which will allow for increased operations and free access to Black Sea ports, the report says.

As reported, in 2025, Zaporizhstal increased its rolled steel output by 15.2% compared to the previous year, to 2 million 794.6 thousand tons from 2 million 426.7 thousand tons. Steel production amounted to 3 million 212.2 thousand tons (in 2024 – 2 million 890.8 thousand tons), pig iron – 3 million 567.8 thousand tons (3 million 106.3 thousand tons).

In 2024, Zaporizhstal increased its rolled steel output by 18.1% compared to 2023, to 2 million 426.7 thousand tons from 2 million 54.7 thousand tons, and steel output by 17.2%, to 2 million 890.8 thousand tons, and pig iron by 14.2%, to 3 million 106.3 thousand tons.

In 2023, Zaporizhstal increased its rolled steel production by 57.2% compared to 2022, to 2 million 54.7 thousand tons, steel by 65.4%, to 2 million 466.9 thousand tons, and pig iron by 35.3%, to 2 million 718.9 thousand tons.

Zaporizhstal is one of Ukraine’s largest industrial enterprises, whose products are in high demand among consumers both in the domestic market and in many countries around the world.

Zaporizhstal is a joint venture of the Metinvest Group, whose main shareholders are System Capital Management (71.24%) and Smart Steel Limited (23.76%). Metinvest Holding LLC is the managing company of the Metinvest Group.

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Lviv Locomotive Repair Plant increased production by 24% in 2025

The Lviv Locomotive Repair Plant (LLRP), part of Ukrzaliznytsia, increased its production volume by 24.2% in 2025 compared to 2024, to UAH 1 billion 026 million.

According to information in the plant’s interim management report, published in the disclosure system of the National Securities and Stock Market Commission, last year’s production plan was UAH 1 billion 254 million, i.e., it was fulfilled by 82%, while in 2024, 85% of the plan was fulfilled.

As reported, in 2025, the plant planned to repair 17 locomotives compared to 16 in 2024, as well as increase the repair of traction motors and their anchors by 30% to 495 units, and auxiliary electric machines by 19.2% (or 30 units) to 186 units.

At the same time, the production plan for the repair of wheel sets was 450 units, compared to 556 units repaired the year before last.

Founded in 1861, LLRZ is now a large Ukrainian enterprise for the repair of electric locomotives, traction motors, and wheel sets.

As reported, in 2024, the plant increased its net profit by 55% compared to 2023, to UAH 24 million, and its net income by 39%, to UAH 827.7 million.

At the beginning of 2025, the plant employed 846 people (599 of whom were men).

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Shareholders of Salivonka Sugar Factory to meet at end of February

Salivonka Sugar Factory, PJSC plans to hold a general meeting of shareholders on February 24, 2026 (Tuesday), according to a statement published through the depository system.

According to OpenDataBot, the company was registered in 1996, specializes in sugar production, and is located in the Kyiv region (Kovalivka village). Its authorized capital is UAH 10.65 million, and its director is Ruslan Tarasyuk.

The controlling stake (64.00288%) belongs to PSP “Agrofirma ”Svitanok” – this was reported in a public offer sent to shareholders after the acquisition of control. The document also states that the ultimate beneficiary of Agrofirm Svitanok is Andriy Zasukha, and Anatoliy Zasukha directly owns 10.0059% of the plant’s shares.

Source: https://www.fixygen.ua/news/20260203/salivonkivskiy-tsukroviy-zavod-provede-zbori-aktsioneriv-24-lyutogo.html

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Imported cheeses already account for 45% of Ukrainian market and may displace domestic producers

The share of imported cheeses on the Ukrainian market in 2025 has grown from 38% to 45% and continues to increase. If the situation does not change, Ukrainian producers will have less than half of the market by March-April 2026, according to the Ukrainian Dairy Industry Association (UDIA).

“The current trend in the cheese market poses a threat to Ukraine’s food security and requires an immediate response from the government. If, for political reasons, anti-subsidy investigations against EU producers, primarily Poland, have no prospects, it is worth focusing on intensifying state support for Ukrainian producers,” said Arsen Didur, executive director of the UDAU.

The industry association noted that imports of rennet cheese to Ukraine last year increased by 13% compared to 2024, to 32.9 thousand tons, in particular, 15.8 thousand tons (+14%) of hard cheese were imported.

The SMU sent a proposal to the government to increase compensation under the National Cashback program for Ukrainian-produced cheese from 10% to 20%. At the same time, it is proposed to reduce or cancel compensation for other dairy products that do not face such fierce competition from imports.

As reported, Minister of Economy, Environment, and Agriculture Oleksiy Sobolev announced in January that in 2026, the Cabinet of Ministers would reduce funding for the National Cashback program. As of February 2026, the state budget allocates UAH 3 billion for this program, compared to UAH 5.7 billion a year ago. Therefore, the government plans to move to targeted support for critically important industries.

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Uzbekistan recognized as country with largest number of Islamic historical cities

The Republic of Uzbekistan has been officially recognized by ASIA Records as the Asian country with the largest number of Islamic historical cities included in the UNESCO World Heritage List.

Representatives of the Tourism Committee of the Republic of Uzbekistan and the Embassy of Uzbekistan in Malaysia took part in the award ceremony, which was held in Kuala Lumpur (Malaysia).

According to this recognition, the cities of Samarkand, Bukhara, Khiva, and Shakhrisabz in Uzbekistan are Islamic historical cities officially recognized by UNESCO. This indicator confirms Uzbekistan’s status as one of the richest and most intact centers of Islamic civilization in Asia.

Located in the heart of the Great Silk Road, Uzbekistan has been a crossroads of culture, science, and spiritual traditions of the Islamic world for centuries. Its historic cities have preserved outstanding examples of Islamic architecture, urban planning, and scientific thought in their authentic environment to this day—mosques, madrasas, mausoleums, and entire urban ensembles. Of particular value is the comprehensive preservation of the historical environment, where the unique heritage is not a single monument, but the entire cityscape in its entirety.

Along with its architectural heritage, Uzbekistan remains an important center of pilgrimage and cultural tourism today. The Khast-Imam complex in Tashkent, the mausoleum of Imam al-Bukhari in Samarkand, the ensembles of Bahouddin Naqshband and Chashma Ayub in Bukhara, as well as the Islamic monuments of Termez continue to attract pilgrims and tourists from all over the world.

The ASIA Records award on the international stage is a recognition of Uzbekistan’s leadership in the preservation, development, and promotion of Islamic historical heritage, as well as confirmation of its universal value for all of humanity.

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JPMorgan Chase forecasts $6,300 per ounce of gold by end of 2026

Reuters reported, citing an analytical note from JPMorgan Chase, that the bank expects gold prices to rise to $6,300 per ounce by the end of 2026, despite a sharp correction in the precious metals market.

According to the bank’s assessment, the key drivers will remain steady demand from central banks and investors, as well as the trend toward diversifying reserves in favor of real assets and reducing dependence on the US dollar. In particular,

JPMorgan Chase expects central bank gold purchases to total around 800 tons in 2026.

At the same time, gold fell 9.8% on January 30, the sharpest decline since 1983, and the decline intensified after the CME Group raised margin requirements in the spot market. On February 2, prices reportedly fell to $4,677.17 per ounce after hitting a record high of $5,594.82 last week.

Separately, Deutsche Bank AG confirmed its gold price forecast of $6,000 per ounce by the end of 2026, also linking growth potential to continued demand from the official sector and investors.

Earlier, the Experts Club analytical center presented an analysis of the world’s leading gold-producing countries in its video on YouTube channel — https://youtube.com/shorts/DWbzJ1e2tJc?si=BywddHO-JFWFqUFA

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