The mining and steel company Metinvest continues to hope for support from its global partners amid the war, but recently, the European Union and the European Commission have taken numerous measures that cast doubt on whether it is worth investing in the Ukrainian steel industry at all.
The company’s CEO, Yuriy Ryzhenkov, expressed this view in an interview with the Financial Times.
As an example, he cited the quotas imposed on Ukrainian steel in the EU, even though Ukraine’s agreements with the EU—in particular the Association Agreement and other agreements signed in recent years—effectively provided for free access to the European market. Despite the fact that Ukraine has exported significantly less steel to the EU over the past few years than before, the corresponding Ukrainian quotas have been reduced by more than 50%.
“In my view, this is a very strange move. If you want to support the country, it’s better to allow its industry to operate and pay taxes. These funds will strengthen the country’s defense capabilities and economy. This is more effective than grants or preferential loans. I hope our officials, together with their European colleagues, will be able to review this situation and rectify it,” said Ryzhenkov.
According to him, a much better approach would be to consider how the Ukrainian economy—particularly the metallurgical sector—can become part of the broader European market and the European economy, thereby making it stronger rather than weaker. “I also believe that it is very important right now for people in Brussels to understand the conditions under which we are working. We are forced to operate amid constant disruptions in logistics and staff shortages. Many people have left the country. More than 8,500 of our employees have been drafted into the army. We have an unstable energy supply and very high energy costs,” the CEO noted.
He emphasized that it is, to some extent, unfair and incorrect to treat the Ukrainian steel industry on par with that of other countries supplying products to the EU. The situation in Ukraine requires a special approach, greater understanding, and, perhaps, certain tools that will allow us to survive now and return to investment and growth in the future.
When asked whether the company had assessed the total amount of losses, the CEO noted that a comprehensive assessment has not yet been conducted. “As I’ve already said, we are currently clearing debris and assessing damage to infrastructure and production facilities. And this is not the first time since the Russian invasion that our facilities have come under attack, so we will be able to provide a more accurate assessment once the war is over. Only then will it be possible to discuss the cost of recovery from the damage.”
Ryzhenkov noted that all of the company’s international projects are linked to Ukrainian production and Ukrainian resources, and there is hope that this will continue to be the case. “Currently, our rolling mills in Europe and the United Kingdom are operating autonomously. At the same time, we already have plans in place and are taking steps to restore vertical integration with Ukrainian enterprises and return to our previous model. In short, we remain very active. We consider Europe, as well as the Mediterranean and Black Sea regions, to be our main markets. We want to continue to be present in these markets and remain open to new opportunities,” Ryzhenkov concluded.
Metinvest is a vertically integrated group consisting of mining and metallurgical enterprises. Its enterprises are located in Ukraine—in the Donetsk, Luhansk, Zaporizhzhia, and Dnipropetrovsk regions—as well as in European countries. 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.
Source: https://metinvestholding.com
The joint U.S.-Ukrainian Recovery Investment Fund has signed its first deal in the critical minerals sector and approved four other projects, Conor Coleman, head of investments at the U.S. International Development Finance Corporation (DFC), told Reuters.
According to him, the total value of the fund’s current project portfolio is estimated at approximately $70 million.
The first deal in the mining sector involves an investment of about $30 million in a joint investment platform with BGV Group, co-owned by Hennadiy Butkevych, the owner of the “ATB” retail chain. Initially, the partnership will focus on the exploration and development of deposits of rare earth elements, uranium, beryllium, and zirconium. As Coleman emphasized, all of these items are included in the official U.S. list of critical raw materials.
Two other initiatives are aimed at strengthening Ukraine’s energy and heat generation capacity amid hostile attacks on the eve of winter. Specifically, one of the initiatives will supplement a nearly $100 million credit line that the DFC approved for the DTEK energy holding company to implement a battery storage system capable of providing backup power to up to 600,000 households for up to two hours.
In addition, the fund will invest in a combined heat and power platform for the construction of a network of local “energy hubs.”
As previously reported, the U.S.-Ukrainian Recovery Investment Fund was established under an intergovernmental agreement on cooperation in the minerals sector at the initiative of U.S. President Donald Trump. The fund’s activities are focused on five strategic areas: mineral resources, the defense-industrial complex, energy, logistics, and infrastructure. The fund is currently working to raise additional capital.
The Ukrainian automotive group AutoCraft, headquartered in Odesa, plans to establish a network of auto service centers in Kyiv, according to the group’s owner, Grigory Grinshpun.
“The AutoCraft Group team has decided to launch its own project in Kyiv based on the CareAutoKyiv philosophy. The project’s working title is AUTOMASTER NPS: a network of professional service centers. We plan to create a large multi-brand auto service hub comprising 100 service bays; a separate service area for electric vehicles, a modern detailing center, a restoration repair center with 25 workstations, and a charging hub with fast-charging stations totaling 2 MW in capacity,” he stated on LinkedIn.
According to him, the project will also include a multi-story reinforced-concrete parking garage for the sale of used cars and an underground shelter capable of housing a Ministry of Internal Affairs service center. The complex’s energy independence will be ensured by a modern energy system that will combine a solar power plant, a 5 MW energy storage facility, and an EMS for automated management of electricity generation, storage, and consumption. The project is geared toward servicing cars that are three years old or older.
Grinshpun stated that they are considering land plots in Kyiv with an area of at least 2 hectares, located along one of the city’s main thoroughfares, with the capacity to connect up to 5 MW of electrical power.
The Ukrainian automotive group “Autokraft” is a holding company that unites official dealerships for Renault, Nissan, Skoda, Hyundai, Ford, MG, Suzuki, and Maxus in Dnipro, Cherkasy, and Kropyvnytskyi, and also holds the status of an official INFINITI service partner in Cherkasy. According to OpenDataBot, the company’s revenue for 2025 totaled 4.3 million UAH, which is 1.06% less than in 2024, while its net loss was 343,800 UAH compared to a loss of 477,300 UAH in 2024
According to Relocation, Argentina has officially announced the launch of a citizenship-by-investment program that will allow foreigners to obtain an Argentine passport without going through the standard, multi-year naturalization process. The government plans to begin accepting applications as early as the fourth quarter of 2026.
The program was announced on October 2 during Argentina Week in Paris by Argentine Economy Minister Luis Caputo and Prime Minister Diego Santilli.
The government is offering foreigners two main options for participation.
The first is a non-refundable contribution of $350,000 to the Argentine treasury.
The second is the purchase of a special government bond worth $800,000, which will be issued specifically for program participants. The government has not yet published the detailed terms of this security.
The program allows for the inclusion of family members.
The spouse of the primary applicant, as well as unmarried and childless children between the ages of 18 and 25, will be eligible for citizenship subject to an additional contribution of $100,000 per person.
For a child under the age of 18, the additional contribution will be $25,000.
Thus, a family consisting of two adults and two minor children will be eligible for Argentine citizenship upon making a total non-refundable contribution of $500,000
. One of the program’s key features is that it grants citizenship itself, rather than a residence permit or permanent residency in exchange for investment.
The legal framework for the new program was established back in May 2025, when the government amended Argentina’s citizenship law and created a special Agency for Citizenship-by-Investment Programs. Its mission is to manage such programs and attract foreign capital.
However, it will not be possible to obtain a passport simply by transferring money. The government promises to conduct extensive background checks on applicants.
The origin of funds, the applicant’s financial transparency, and potential risks related to money laundering and terrorist financing will be scrutinized. The authorities state that due diligence procedures will comply with OECD and FATF recommendations. All investments must go through the official financial system.
Another important point for potential participants: the acceptance of applications had not yet begun at the time the program was announced.
The government has announced that the program is scheduled to launch during the fourth quarter of 2026. Therefore, until the final procedures, application forms, review deadlines, and investment bond parameters are published, it is premature to transfer funds or pay for the services of intermediaries who are already promising a guaranteed Argentine passport.
Argentine citizenship is of interest primarily as a tool for international mobility. The country’s passport provides extensive visa-free access, particularly to Schengen Zone countries, and Argentine citizenship opens up additional opportunities for residence and economic activity within South America thanks to the country’s integration into Mercosur.
Before the investment program was introduced, foreigners could obtain Argentine citizenship through the standard naturalization process. The new model creates a separate pathway for wealthy applicants willing to invest significant capital.
Argentina spent over a year preparing the program. In May 2025, a decree by President Javier Milei established the legal framework for obtaining citizenship through investment, and in April 2026, the leadership of a special government agency was appointed. The authorities first announced the official financial terms on October 2.
DTEK and Dragon Capital have established an investment hub to attract funding for Ukraine’s energy sector, whose funding needs are estimated at $100 billion, the energy holding company announced.
“The hub brings together representatives from the public and private sectors to develop concrete and practical solutions that will help attract more investment into Ukraine’s energy sector,” commented DTEK CEO Maksym Timchenko, whose remarks were quoted in a statement posted by the energy holding company on its Telegram channel on Friday.
It is noted that more than $100 billion may be needed to rebuild Ukraine’s energy sector and create new facilities, and the Investment Hub is intended to facilitate the attraction of these funds.
“The main goal is to make Ukraine’s energy system more modern and resilient in order to strengthen the country’s energy security,” DTEK emphasized.
As previously reported, DTEK invested 101.7 billion hryvnias in Ukraine’s energy sector from 2022 to 2025.
In total, Rinat Akhmetov’s SCM Group, which includes DTEK, has invested over $4.3 billion in Ukraine since the start of the full-scale war, of which approximately $1 billion has gone toward rebuilding facilities destroyed by Russia.
SCM is currently launching a global initiative called “Invest in Ukraine,” calling on international businesses to invest in Ukraine today, without waiting for the war to end.
According to the Serbian business publication Parametar, construction of the first phase of a new plant to manufacture electric motors for drones is nearing completion in the village of Kotraža near Lučani. The equipment has already been delivered, some employees have been hired and are undergoing training, and production is expected to begin in early October.
In the first phase, the plant is expected to employ about 50 people; after the completion of all three phases, the workforce will grow to 60–70 employees. Earlier reports mentioned the possibility of expanding the workforce to 150 employees. The plant’s projected production capacity is up to 40,000 motors per month.
Businessman Milenko Kostić stated that the idea to establish the production facility came from Želko Mitrović. For the small town of Dragacheva, the project is significant not only from a technological standpoint: the plant is effectively being created as a new industrial employment hub in a rural area.
