PJSC “Ingulets Mining and Processing Plant” (Ingulets, Kryvyi Rih, Dnipropetrovsk Oblast), a member of the Metinvest Group, reported a 2.9-fold increase in its net loss for January–June of this year—to 2,485.774 million UAH from 858.314 million UAH in the same period last year.
According to the company’s interim report, which is available to the “Interfax-Ukraine” agency, income from ordinary activities for this period amounted to 302 thousand UAH, which was generated in Q1 2026.
Retained earnings as of the end of June amounted to 4,282.214 million UAH.
“For the first half of 2026: PJSC ”Inguzk” produced 0 million metric tons of commercial concentrate; 0.0 million metric tons of ore were mined; the volume of overburden removal work amounted to 0.0 million cubic meters. In the first half of 2026, the company sold finished products worth 302 thousand UAH,” the management report states.
As previously reported, based on its performance in January–March of this year, InGZK saw its net loss increase 5.4-fold—to 1 billion 397.987 million UAH from 259.450 million UAH in the same period last year. Revenue from ordinary operations for this period amounted to 302,000 UAH, whereas in 2024 there was none.
In 2025, IngZK increased its net loss by a factor of 7.1, to 9,297,362 million UAH, while income from ordinary activities for the past year amounted to 40,300 UAH, compared to 7,793,635 million UAH in 2024.
Ingulets GOK ended 2024 with a net loss of 1 billion 317.997 million UAH, whereas in 2023 it amounted to 167.236 million UAH. The plant ended 2022 with a net loss of 851.259 million UAH, whereas in 2021 it reported a net profit of 20 billion 446.101 million UAH. In 2020, Ingulets Iron Ore Plant saw its net profit decline by 75.3% compared to the previous year, down to 1.5 billion UAH.
The company specializes in the mining and processing of iron-bearing quartzites from the Ingulets deposit, located in the southern part of the Kryvyi Rih iron ore basin. It produces iron ore concentrate. The company’s production capacity is 14 million metric tons of iron ore concentrate per year.
Metinvest B.V. (Netherlands) owns 100% of the shares in PJSC “Ingulets Iron Ore Mining and Processing Plant.”
The authorized capital of PJSC “Ingulets Iron Ore Mining and Processing Plant” is 689.906 million UAH, and the par value of each share is 0.25 UAH.
IngZK is part of the Metinvest Group, whose main shareholders are PJSC “System Capital Management” (SCM, Donetsk, 71.24%) and the “Smart-Holding” group of companies (23.76%). The management company of the Metinvest Group is Metinvest Holding LLC.
Metinvest Group’s mining companies reduced iron ore pellet production by 17% in January–June 2026 compared to the same period last year, down to 2.717 million metric tons.
The decline was due to a temporary shutdown of one of the sintering machines in the first quarter caused by damage to the power supply system. The equipment resumed operations in April, according to the group’s official operating report published on July 31.
Production of pellets with an iron content of at least 65% decreased by 19% to 2.629 million metric tons. Output of pellets with an iron content of less than 65% more than doubled to 88,000 metric tons.
Total iron ore concentrate production in the first half of the year amounted to 7.763 million metric tons, remaining virtually unchanged from 7.725 million metric tons a year earlier.
The descriptive section of the official PDF erroneously states 7.263 million metric tons. However, the report’s table and the press release page list 7.763 million metric tons. This figure is also confirmed by the combined production volumes for the first and second quarters—3.882 million metric tons each.
Output of marketable iron ore products decreased by 5% to 7.144 million metric tons. At the same time, production of marketable iron ore concentrate increased by 4% to 4.427 million metric tons.
Production of concentrate with an iron content of less than 67% rose by 10% to 4.075 million metric tons, while production of high-quality concentrate with an iron content of at least 67% fell by 34% to 352,000 metric tons.
In the second quarter, production of commercial iron ore products increased by 3% compared to the first quarter, reaching 3.624 million metric tons. Pellet production rose by 10% to 1.422 million metric tons, while production of commercial concentrate decreased by 1% to 2.202 million metric tons.
Pivdenny Mining and Processing Plant, PJSC (Pivdenny Mining and Processing Plant, Kryvyi Rih, Dnipropetrovsk Oblast) increased its net profit by 73.5% in January–June of this year compared to the same period last year—to 199.318 million UAH from 114.912 million UAH.
According to the mining and processing plant’s interim report, available to the agency “Interfax-Ukraine,” revenue from ordinary activities for this period decreased to 8,931.263 million UAH from 12,693.475 million UAH.
Retained earnings as of the end of June 2026 amounted to 25,836.844 million UAH.
Iron ore concentrate production for the second quarter of 2026 totaled 1,913.7 thousand metric tons, while sales for this period amounted to 1,906.8 thousand metric tons.
As previously reported, in the first quarter of 2026, Pivdenny GOK saw its net loss increase 8.5-fold compared to the same period in 2025—rising to 866.813 million UAH from 100.859 million UAH. During this period, revenue from ordinary activities decreased to 3,987.535 million UAH from 6,350.714 million UAH.
In January–September 2025, Southern GOK reported a net profit of 389.930 million UAH, whereas in the same period of 2024 it amounted to 2,476.267 million UAH; revenue from ordinary activities increased by 41.3% to 19,020.077 million UAH.
The annual report for 2025 has not yet been published.
Pivdenny GOK is one of Ukraine’s leading producers of iron ore concentrate. It is engaged in the mining and beneficiation of low-grade iron-bearing quartzites to produce iron ore concentrate. The plant’s raw material base consists of quartzites from the Skelevatsky deposit, located in the central part of the Kryvyi Rih iron ore basin.
At the start of the war, Pivdenny GZK was controlled by the Metinvest Group and Lanebrook Ltd. (formerly the majority shareholder of Evraz Group, which withdrew from the group’s shareholder structure in 2018), which acquired a 50% stake in PGZK from the Privat Group (Dnipro) in late 2007.
According to the National Securities and Stock Market Commission’s data for the first quarter of 2026, Zantest Limited holds 29.8815% of the company’s shares, and Jetere Limited (both based in Cyprus and registered at the same address) holds 59.7630%.
The company’s authorized capital is 535.915 million UAH, and the par value of each share is 0.25 UAH.
The Central, Ingulets, and Northern Mining and Processing Plants (MPPs) of the Metinvest Mining and Metallurgical Group, which were reorganized into the United Mining and Processing Plant (UMPP), produced 16.7 million metric tons of ore, 7.8 million metric tons of concentrate, and 2.8 million metric tons of pellets during the January–June period of this year.
According to the company, the United Mining and Processing Plant exceeded its operational efficiency targets in the first half of the year.
It is noted that the first six months of 2026 served as a true test of resilience for the United Mining and Processing Plant. The enterprises operated under conditions of power supply restrictions, a shortage of railcars, technological challenges, and hostile attacks on production infrastructure. Despite this, thanks to the coordinated efforts of all departments, the company managed to ensure stable production, promptly repair damaged equipment, and exceed its operational efficiency targets.
“This result was driven by three key factors: the implementation of investment decisions—with the development of gas-fired power generation and measures to reduce the stripping ratio yielding the greatest impact—and the adoption of effective production practices. In particular, conducting blasting operations in-house at two open-pit mines and the systematic efforts of teams to reduce production costs,” the statement notes.
As previously reported, the United Iron Ore Mining and Processing Plant has iron ore reserves totaling 2.3 billion metric tons. According to Eduard Bespoyasko, chief geologist and head of the group’s mining department, even at 100% of the plants’ design capacity, reserves will last for at least half a century.
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 company’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.
CONCENTRATE, METINVEST, mining and processing plants, ORE, PELLETS
Pivdenny Mining and Processing Plant (Pivdenny GZK, Kryvyi Rih, Dnipropetrovsk Oblast) reduced its concentrate output by 45.1% in January–March of this year compared to the same period last year—to 1.546 million tons from 2.819 million tons.
According to materials available to the agency “Interfax-Ukraine,” the volume of commercial production in the first quarter of 2026 at the Southern GOK amounted to 1,546,500 tons of concentrate worth UAH 4,255,486,000, while the volume of sold products—concentrate—was 1,431,000 tons worth UAH 3,865,853,000.
It is noted that PGZK did not export any products during the reporting period.
Meanwhile, the volume of commercial production in the first quarter of 2025 amounted to 2.819 million tons of concentrate worth UAH 6.103340 billion. The volume of products sold: concentrate – 2.852 million tons worth UAH 6.202801 billion.
It is further specified that ore processing plants Nos. 1 and 2 process iron-bearing quartzites, with the iron content in the raw ore being Fe total – 34.70% and Fe magnetic – 27.55%.
In 2023, following the unblocking of the seaports used for the sale of PGZK’s commercial products, the company managed to resume exports of iron ore products to external consumers and, accordingly, increase production volumes.
“As of today, the Russian Federation’s military aggression prevents PGZK from conducting its production and business activities to their full extent; consequently, the level of investment remains significantly lower than in the pre-war period, the implementation of some investment projects has been suspended, and the long-term development program for the enterprise through 2030, which was developed and approved in 2021, has been adjusted to focus on maintaining existing production capacities, maximizing the preservation and extending the service life of existing equipment, and continuously seeking operational improvements to reduce overall operating costs,” the interim report states.
In the first quarter of 2026, the average headcount of full-time employees on the payroll was 4,007.
Pivdenny GOK is one of the leading producers of iron ore concentrate in Ukraine. It is engaged in the extraction and beneficiation of low-grade iron-bearing quartzites to produce iron ore concentrate. The plant’s raw material base consists of quartzites from the Skelevatsky deposit, located in the central part of the Kryvyi Rih iron ore basin.
At the start of the war, PivdenGOK was controlled by the Metinvest Group and Lanebrook Ltd. (formerly a majority shareholder of Evraz Group, which withdrew from the group’s shareholder structure in 2018), which acquired 50% of the shares in the plant from the Privat Group (Dnipro) at the end of 2007.
According to the National Securities and Stock Market Commission (NSSMC) data for the fourth quarter of 2025, Zantest Limited holds 29.8815% of the company’s shares, and Jetere Limited (both based in Cyprus and registered at the same address) holds 59.7630%.
The company’s authorized capital is UAH 535.915 million, and the par value of a share is UAH 0.25.
Pokrovsky Mining and Processing Plant (PGZK, formerly Ordzhonikidze Mining and Processing Plant, Dnipropetrovsk region) plans to increase manganese concentrate production by 3.44 times in 2026 compared to the previous year, to 220,000 tons.
According to PGZK’s interim report for the fourth quarter of 2025, in 2025, the plant produced 63,900 tons of manganese concentrate worth UAH 342.138 million and sold 25,400 tons worth UAH 216.309 million.
At the same time, it is specified that PGZK is considering the possibility of selling its products not only to regular customers JSC “ZZF” and JSC “NZF”, but also for export in order to improve the financial condition of the enterprise (Switzerland, Georgia).
It is also noted that from March 2026, the company plans to launch Chkalovsky Quarry No. 2, where rotary complexes No. 9 and No. 2, walking excavators for ore mining will operate, and from April this year, the Northern Quarry, where rotary complex No. 4 and walking excavators for ore extraction will operate.
“The plant plans to produce 220,000 tons of concentrate from ore mined at Chkalovsky No. 2 and Northern quarries. The company is considering the possibility of introducing new technologies for manganese ore mining,” the report says.
It also states that the company is currently idle. Its main customers are JSC NZF and JSC ZFZ. The main sales market is the domestic market. At the same time, the products were sold under direct contracts with the consignee.
In the fourth quarter of 2025, the slowdown in production continued in the mining and metallurgical industry of Ukraine. Due to the pressure of a number of negative factors, in particular the increase in electricity tariffs, logistics costs, and the shortage of qualified personnel due to mobilization, etc., Ukrainian industry is losing its competitiveness both on the domestic and foreign markets, according to the report. It is noted that the unjustified increase in tariffs by state monopolies in the railway transport and electricity markets, and the risk of maritime transport due to the continuation of Russian aggression are affecting the production plans and capabilities of domestic companies, threatening the loss of export and tax revenues from heavy industry and thousands of jobs, mainly in frontline regions.
The average number of full-time employees in the fourth quarter of 2025 was 1,451, with 9 part-time employees, 4 employees working on a part-time basis, and 9 employees working on a part-time basis (day, week). The wage fund in the last quarter of 2025 amounted to UAH 57 million 625.2 thousand.
PGZK and Marganetsky GZK (MGZK, both in Dnipropetrovsk region), which are part of the Privat Group, ceased the extraction and processing of raw manganese ore at the end of October – beginning of November 2023. In 2024, PGZK was unable to resume operations due to a decline in demand for ferroalloys and a shortage of electricity.
In the first half of 2025, PGZK mined and enriched 22.87 thousand tons of manganese ore.
Four Cypriot companies — Profetis Enterprises Limited, Exseed Investmens Limited, Clemente Enterprises Limited, and Alexton Holdings Limited (all based in Cyprus) — each own 24.3024% of the shares of PJSC.
The authorized capital of the private joint-stock company is UAH 736.134 million, and the par value of a share is UAH 0.25.
