Metinvest B.V. (Netherlands), the parent company of the mining and metallurgical group Metinvest, increased its EBITDA by 11% in 2024 compared to 2023, to $957 million, according to updated data published in its annual report.
According to the report, EBITDA in the metallurgical segment grew by 82% to $289 million, while in the mining segment it remained unchanged at $768 million.
At the same time, it is specified that last year, corporate overhead costs and eliminations amounted to $100 million (in 2023 – $68 million). As a result, in 2024, the mining segment’s share in the group’s EBITDA (excluding corporate overhead costs and eliminations) was 73% compared to 83% in 2023, while the metallurgical segment’s share last year increased to 27% compared to 17% in the previous year.
The growth in the group’s EBITDA was primarily due to an increase in sales of own iron ore products, as well as billets and long products, operational improvements, the positive impact of the hryvnia’s depreciation against the US dollar on costs, increased efficiency at both joint ventures, lower raw material costs due to lower prices for coal, coke, and iron ore, and reduced purchases of third-party raw materials for rolling mills.
These factors were partially offset by lower sales prices, higher overall logistics costs, primarily due to increased sea shipments from Ukraine to distant markets, and higher energy costs, primarily due to higher electricity costs.
In 2024, the Group’s EBITDA margin was 12% (unchanged from 2023). The EBITDA margin of the mining segment was 20% (down 6 percentage points (pp) compared to 2023), while the EBITDA margin of the metallurgical segment was 6% (up 3 pp).
In 2024, net cash used in investing activities amounted to $197 million, down 34% from 2023. The total amount of cash used to acquire property, plant, and equipment and intangible assets decreased by 29% to $216 million. Interest income doubled to $13 million, while proceeds from the sale of property, plant, and equipment and intangible assets decreased slightly to $6 million.
In 2024, net cash used in financing activities amounted to $241 million, compared to $115 million in 2023. Net repayment of loans and borrowings amounted to $216 million (in 2023 – $185 million), mainly due to bond redemptions. Net trade financing amounted to $25 million, compared to $70 million a year ago.
In 2024, Metinvest adhered to a fairly balanced investment policy, dictated by wartime restrictions in Ukraine and the need to decarbonize the European steel industry. Investments in Ukraine were primarily directed toward employee safety, ensuring the availability and operation of critical equipment, strengthening energy resilience, and complying with environmental standards at the companies.
In addition, particular attention was paid to resolving logistical issues. Although most large strategic projects remained frozen, Metinvest launched a new project to concentrate enrichment waste at the Northern GOK. It aims to reduce waste volumes, lower operating and capital expenditures, and minimize environmental impact while maintaining production volumes.
At the same time, the group is also preparing for the country’s post-war recovery. Outside Ukraine, Metinvest is working on the Adria project to build a low-carbon steel plant in Italy.
The group’s total capital expenditures decreased by 17% to $235 million. Approximately 83% of this amount was allocated to maintenance projects and 17% to strategic projects.
Metinvest increased the capacity utilization of most of its enterprises. This was an important achievement for the group, given the prolonged impact of the war. The resumption of shipping in the Black Sea played a decisive role in our work. This ensured a reliable export route and allowed us to increase delivery volumes. At the same time, significant challenges remained. Throughout the year, power outages had a negative impact on profitability. In addition, despite incredible resilience throughout most of the year, the approaching front line forced us to gradually suspend operations at the Pokrovsk Coal Group,” said Yuriy Ryzhenkov, CEO of the group, in the report.
As reported, Metinvest’s consolidated net loss in 2024 increased sixfold compared to 2023, to $1.152 billion from $194 million, while revenue rose to $8.050 billion from $7.397 billion.
Metinvest is a vertically integrated group of mining and metallurgical companies. 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 United States. The main shareholders of the holding company are the SCM Group (71.24%) and Smart Holding (23.76%). Metinvest Holding LLC is the managing company of the Metinvest Group.
ArcelorMittal reduced its EBITDA by 4.5% in the first quarter of 2025 compared to the fourth quarter, to $1.58 billion, the company said in a statement. Compared to the same period last year, the figure fell by 19.2%.
The quarterly decline in EBITDA was due to weather conditions in Brazil, while prices and costs in Europe also had a negative impact on the figure, along with a decline in financial results in India. At the same time, EBITDA was supported by an improved situation in North America, including higher production volumes and a positive effect from price increases.
Operating profit in the last quarter amounted to $825 million, compared to $529 million in the previous period and $1.072 billion a year earlier. The figure was impacted by impairment charges of $80 million related to the closure of the South African facility, among other things.
Net profit in January-March amounted to $805 million, compared to a loss of $390 million a quarter earlier and a profit of $938 million in Q1 2024. The quarterly increase was driven by higher operating profit, foreign exchange gains (mainly due to the depreciation of the US dollar) and lower taxes.
Revenue increased by 0.6% last quarter to $14.798 billion, amounting to $14.798 billion. In the first quarter of 2024, revenue was $16.282 billion.
ArcelorMittal’s capex in January-March amounted to $1 billion. The capex target for this year is $4.5-5 billion, including $1.4-1.5 billion for strategic projects and $300-400 million for decarbonization projects.
In the first quarter, the company increased steel production by 5.7% compared to the previous three months, to 14.8 million tons (14.4 million tons a year earlier). The company shipped 13.6 million tons of steel last quarter (13.5 million tons in the previous quarter and a year earlier). Iron ore production in the quarter decreased by 6.3% to 11.8 million tonnes (10.2 million tonnes a year earlier).
The agricultural division of one of the largest grain market operators in Ukraine, JV Nibulon LLC, reported EBITDA of $24.855 million in the 2024 season, its press service said on Facebook.
It is noted that this became possible due to the reform, which provided for a change in philosophy with a focus on efficiency and profitability through investment and the introduction of new technologies.
“The results of the season confirm the effectiveness of changes in approaches to agricultural production, introduction of new technologies and strategic reorganization. In the future, Nibulon plans to continue developing its agricultural business, focusing on increasing yields and implementing innovative solutions in production, gradually expanding its land bank,” the agricultural holding emphasized.
The press service reminded that last year Nibulon harvested almost 274 thousand tons of grain from an area of 51.28 thousand hectares, which is 115 thousand tons more than the previous year.
The main crop that brought in $16.097 million was corn, whose harvest reached 190.4 thousand tons, harvested from an area of 23.7 thousand hectares.
The agroholding added that the clusters in Cherkasy and Mykolaiv regions failed to achieve high yields, with an average of 6 tons/ha. Instead, high yields were achieved in the Kamianets-Podilskyi and Khmilnyk clusters due to corn and soybeans, which offset the shortfall in other regions.
Nibulon JV LLC was established in 1991. Prior to the Russian military invasion, the grain trader had 27 transshipment terminals and crop reception complexes, a one-time storage capacity of 2.25 million tons of agricultural products, a fleet of 83 vessels (including 23 tugs), and owned the Mykolaiv Shipyard.
“Before the war, Nibulon cultivated 82 thousand hectares of land in 12 regions of Ukraine and exported agricultural products to more than 70 countries. In 2021, the grain trader exported the highest ever volume of 5.64 million tons of agricultural products and supplied record volumes to foreign markets in August – 0.7 million tons, in the fourth quarter – 1.88 million tons, and in the second half of the year – 3.71 million tons.
It is currently operating at 32% of capacity, has created a special unit to clear agricultural land of mines, and was forced to move its headquarters from Mykolaiv to Kyiv.
Metinvest Reduces Debt by $620 Million and Increases EBITDA in 2024Metinvest B.V. (Netherlands), the parent company of Metinvest Mining and Metallurgical Group, has reduced its debt by more than $620 million since 2022.
As Yuriy Ryzhenkov, CEO of the company, noted in the annual report, despite the anxiety and uncertainty of the war, there were achievements over the past year that demonstrate the group’s resilience and ability to develop in the face of challenges.
“Metinvest’s global team has shown extraordinary strength and unity. We have maintained our status as a leading exporter and pillar of Ukraine, and we remain among the largest donors to the country’s defense efforts.
In 2024, Metinvest felt the positive impact of operational changes made possible by the opening of Black Sea navigation. This significant event reinforced our results for the year. It is important that we have restored our operational efficiency,” stated the top manager.
According to him, when a full-scale war broke out in 2022, the company made efforts to rebuild its supply chains and business processes. By 2023, the company managed to adapt to the new realities, and in 2024, significant improvements in operating performance were achieved, amounting to more than $200 million.
“Even in wartime, Metinvest continued to reduce its debt. Despite all the uncertainty, the Group has repaid more than $620 million of debt since the start of the full-scale invasion, demonstrating our strong commitment to our partners. Together with our partners, we have also made progress on the Adria project, our plan to build a green steel plant in Piombino, Italy. It is poised to deliver significant benefits to all stakeholders by prioritizing innovative technologies and sustainable business practices,” Ryzhenkov emphasized.
At the same time, the CEO acknowledged that despite these very real achievements, the company also faced numerous challenges, including electricity shortages, underutilization of some production assets and margin pressure in the second half of the year. In addition, when the security situation deteriorated in late 2024, Metinvest decided to suspend production at Pokrovskugol.
“Like the rest of the world, we are closely following the latest news, including expectations about the potential for a ceasefire. No matter what happens in the coming weeks and months, we will maintain our unwavering faith in the Ukrainian Armed Forces and remain committed to Ukraine’s recovery. We honor our defense employees, whose number has grown to more than 8,000, including those with joint ventures,” the CEO wrote in his commentary.
As of December 31, 2024, total debt amounted to $1.705 billion (down 14% from $1.981 billion in 2023), mainly as a result of a strong campaign to reduce bond debt and the use of trade finance. Net debt to EBITDA decreased to 1.1x (down 0.5x yoy) and amounted to $1.048bn (down 21%, in 2023 – $1.335bn).
As reported, Metinvest’s consolidated net loss in 2024 increased sixfold compared to 2023 – to $1.152 billion from $194 million, revenue increased slightly to $8.050 billion from $7.397 billion, and EBITDA increased by 12% to $957 million from $861 million. At the same time, the steel sector’s revenue amounted to $4.824 billion ($4.846 billion in 2023) and the mining segment’s revenue amounted to $3.226 billion ($2.551 billion).
Adjusted EBITDA of the group’s steel division was $289 million ($159 million) and mining segment $768 million ($770 million). Metinvest’s operating loss in 2024 amounted to $938 million compared to $445 million in operating profit in 2023. In addition, free cash and cash equivalents increased slightly to $657 million from $646 million at the end of 2023.
“Metinvest is a vertically integrated group of steel and mining companies. Its businesses are located in Ukraine, in Donetsk, Luhansk, Zaporizhzhia and Dnipro regions, as well as in Europe. The main shareholders of the holding are SCM Group (71.24%) and Smart Holding (23.76%), which jointly manage it. Metinvest Holding LLC is the management company of Metinvest Group.
Steelmaker ArcelorMittal reduced its net loss and increased its revenue in the fourth quarter, while its EBITDA exceeded analysts’ forecasts.
According to the company’s press release, in October-December 2024, its net loss amounted to $390 million, or $0.51 per share, compared to a loss of $2.97 billion, or $3.57 per share, in the comparable period of the previous year. Excluding one-time items, earnings were $0.52 per share versus $1.18 a year earlier.
The earnings adjustment includes a one-time tax expense related to the change in the tax rate in Luxembourg ($0.4 billion) and a provision for tax litigation ($0.2 billion).
The company’s EBITDA in the fourth quarter increased by 13% to $1.65 billion from $1.45 billion a year earlier, while the consensus analysts’ forecast, presented earlier by the company itself, envisaged an increase to $1.53 billion.
ArcelorMittal’s revenue in the reporting quarter increased to $14.7 billion from $14.6 billion in the fourth quarter of 2023.
Steel production in the fourth quarter increased to 14 million tonnes from 13.7 million tonnes a year earlier, while steel supplies rose to 13.5 million tonnes against 13.3 million tonnes.
The company expects global steel consumption (excluding China) to grow by 2.5%-3.5% in 2025 compared to 2024.
Shares of ArcelorMittal are up 3.5% in trading on Thursday.
“Nibulon is now one of the three largest grain exporters in Ukraine and has been profitable for two and a half years, with EBITDA of approximately $68 million in 2024, Andriy Vadatursky, owner of one of the largest grain market operators in Ukraine, JV Nibulon LLC, told NV in an interview.
He noted that this figure is slightly lower than the agricultural holding planned due to difficulties in the second half of the year, and added that in a few days he will have the exact figure of financial performance for 2024.
Commenting on the information about the increase in the share of Nibulon’s own fleet in 2024 from 26% to 55%, and the volume of transportation from 278 thousand tons to 404 thousand tons, Vadatursky reminded that the company was built on investments in alternative ways of delivering products, in particular, in water transport. Accordingly, elevators were built on the Dnipro River and the Southern Bug River.
“Now all this is standing still. Kherson is under fire, Mykolaiv is closed. The fleet has nowhere to work. More than 100 ships are blocked. Some elevators, even in the occupied territory, are left without water. The
Kakhovka dam was broken in May 2023. The prospect of returning was taken away from us. I can’t imagine that the river (transportation by the Dnipro) will work for 5-10 years, even after the victory,” he said.
To solve this problem, Nibulon leased vehicles from Scania (Sweden), increased the number of vehicles and, of course, optimized its operations to use its own vehicles as much as possible.
“We have 138 new vehicles in total. We have purchased about 70 vehicles, I think, for EUR 17 million. Denmark also helped us. They take care of Mykolaiv region. For example, we got a loan from EIFO. Denmark gave us a 14-year loan for agriculture. (…) We received about EUR12.5 million. We purchased German machinery,” said the owner of the agricultural holding.
Mr. Vadatursky added that foreign investors are extremely cautious about investing in Ukraine, while bureaucratic Europe is very slow to change course and spends a lot of time on simple things.
JV Nibulon LLC was established in 1991. Prior to the Russian military invasion, the grain trader had 27 transshipment terminals and crop reception complexes, a one-time storage capacity of 2.25 million tons of agricultural products, a fleet of 83 vessels (including 23 tugs), and owned the Mykolaiv Shipyard.
“Before the war, Nibulon cultivated 82 thousand hectares of land in 12 regions of Ukraine and exported agricultural products to more than 70 countries. In 2021, the grain trader exported the highest ever volume of 5.64 million tons of agricultural products, reaching record volumes of supplies to foreign markets in August – 0.7 million tons, in the fourth quarter – 1.88 million tons, and in the second half of the year – 3.71 million tons.
Nibulon’s losses due to Russia’s full-scale military invasion in 2022 exceeded $416 million.
Currently, the grain trader is operating at 32% of capacity, has created a special unit to clear agricultural land of mines, and was forced to move its headquarters from Mykolaiv to Kyiv.
