The Kremenchug Road Machinery Plant (JSC Kredmash, Poltava region) ended 2025 with a loss of UAH 26.9 million, which is almost 2.1 times more than in 2024 (UAH 13.08 million).
According to the information published on the agenda of the company’s annual general meeting of shareholders on April 10, the uncovered loss as of the beginning of 2026 also amounts to UAH 26.9 million.
The agenda of the meeting includes a question regarding the sources of coverage of losses incurred in 2025, and the draft decisions define these sources as undistributed profits for previous years, reserve capital, and additional capital (funds for production development).
The company’s current liabilities for the year decreased by 36.4% to UAH 34.3 million, while long-term liabilities increased by 8.5% to UAH 4.9 million.
JSC Kredmash managed to reduce its total accounts receivable by 41.3% to UAH 10.9 million, while its total assets decreased by 9% to UAH 469 million, in particular, cash and cash equivalents decreased 3.4 times to almost UAH 19 million.
The net loss per ordinary share amounted to UAH 79.73 (a year earlier – UAH 38.27).
At the meeting, shareholders also plan to terminate the powers of the members of the supervisory board ahead of schedule and elect a new composition.
As reported, the chairman of the supervisory board, president and owner of 15.97% of the shares of Kredmash JSC, Mykola Danileiko, died in April last year, and subsequently the owner of this stake became NR member Olena Stepanenko (presumably Danileiko’s daughter), who previously owned 4% of the company’s shares.
Kredmash specializes in the development and manufacture of asphalt and soil mixing plants, spare parts for construction and road equipment, tank trucks, bitumen trucks, cast iron and steel castings.
According to the National Securities and Stock Market Commission (NSSMC) data for the fourth quarter of 2025, Stepanenko owns 20.0047% of the company’s authorized capital, Chairman of the Board Oleksandr Tverezyi owns almost 10.21%, Euroavtomatizatsiya LLC owns more than 9.6%, and KDM Invest owns 9.8%.
According to the company’s financial report, in 2024, it reduced its net income by 23% compared to the previous year, to UAH 143.7 million.
Only two asphalt mixing plants were sold (three in the previous year), with an average sale price of UAH 52.5 million, as well as wheeled vehicles worth UAH 1.1 million, spare parts for construction and road machinery worth UAH 18.8 million, and consumer goods worth UAH 58.7 million.
At the same time, products (spare parts, consumer goods) worth UAH 63.6 million (45.1% of sales) were exported, in particular to Georgia, Moldova, Turkmenistan, Kazakhstan, and Azerbaijan.
The company emphasized that its production activities are linked to the implementation of state programs for the construction and operation of motorways, which have now been curtailed, negatively affecting production and sales volumes.
In 2025, Kredmash mastered the production of new products, in particular, it developed and supplied the customer with key equipment for the technology of processing lead-acid battery waste — a melting drum and a burner unit for melting lead.
In addition, the plant supplied customers with equipment for drying sand and mineral materials, equipment for winter road maintenance (dumps and sand spreaders with a capacity of 9 and 7 cubic meters), and in December began shipping the KDM2067 asphalt mixing plant to a customer in the Mykolaiv region.
As reported, in pre-war 2021, the plant sold products worth UAH 1.2 billion. In June 2022, as a result of hostile rocket attacks on Kremenchuk, the plant’s industrial facilities were partially destroyed.
Yeristovsky Mining and Processing Plant LLC (YMPP, Gorishni Plavni, Poltava region), which is part of the Ferrexpo mining company owned by majority shareholder Kostyantyn Zhevago, incurred losses of UAH 879 million in January-September. Gorishni Plavni, Poltava region), which is part of the mining company Ferrexpo, majority shareholder of Kostyantyn Zhevago, incurred a net loss of UAH 879.341 million in January-September this year, while in the same period last year it had a profit of UAH 514.369 million.
According to the company’s interim report, which is available to Interfax-Ukraine, revenue for this period decreased by 45.3% to UAH 8 billion 124.766 million.
Undistributed profit at the end of September amounted to UAH 171.842 million.
In 2024, the LLC received a net profit of UAH 1 billion 84.107 million, compared to UAH 1 billion 832.538 million in 2023.
Yeristovsky GZK LLC mines high- and low-grade iron ore. The LLC was registered on July 14, 2008. As of December 31, 2024, the company had 1,797 employees (in 2023, 1,789 employees).
According to the annual report, as of December 31, 2024, Ferrexpo AG (Switzerland) owns 99.999% of YGOK LLC, and Ferrexpo Service LLC (Ukraine) owns 0.001%.
It is noted that Ferrexpo AG, which is 100% owned by Ferrexpo plc (the ultimate parent company), exercises control over Ferrexpo Service LLC. A stake of less than 50% in Ferrexpo plc is ultimately held by Minso Trust, whose beneficiaries are Konstantin Zhevago and his immediate family, and which was created to manage the stake in the Ferrexpo group of companies.
The authorized capital of YEGOK LLC is UAH 8 billion 263.698 million.
The report also states that on February 12, 2025, the National Security and Defense Council of Ukraine adopted a decision, which later came into force with Presidential Decree No. 81/2025 on the introduction of personal special economic and other restrictive measures (sanctions) against certain individuals, including Zhevago. Although the sanctions were not imposed on the company, personal sanctions against Zhevago may have an indirect impact on the company’s activities, in particular the refusal to refund VAT, which may also affect the company’s ability to continue its activities on an ongoing basis.
It is likely that Ferrexpo’s subsidiaries in Ukraine will not receive any budgetary VAT refunds until the sanctions against Zhevago are lifted. The company has therefore adjusted its long-term model to reflect lower cash flow generation caused by the potential absence of VAT refunds and, as a result, reduced levels of rock excavation services, production and sales, which in turn will negatively affect the carrying value of the company’s assets in future periods, the report states.
It is also noted that on March 4, 2025, the State Bureau of Investigations of Ukraine made a statement to the media that the Pechersky District Court of Kyiv had granted the request of the Prosecutor General’s Office of Ukraine to transfer 49.5% of the corporate rights of Poltava Mining and Processing Plant PJSC, owned by Ferrexpo AG, to the National Agency of Ukraine for Finding, Tracing and Managing Assets (ARMA). The statement also mentions the transfer of corporate rights to ARMA in 15 undisclosed legal entities. This transfer is related to the ongoing court case against Zhevago involving the Finance and Credit Bank.
“The company’s management understands that Ferrexpo AG remains the 100% owner of the company and does not expect the transfer of 49.5% of corporate rights to ARMA to affect the company’s ability to continue its operations on a continuous basis. Asset management is carried out on the basis of a management agreement concluded between ARMA and the selected manager,” the report says.
In addition, it is stated that the updated baseline scenario of the long-term financial model, which assesses the adequacy of the company’s liquidity and projected cash flows to continue as a going concern for 12 months after the date of approval of these financial statements, provides, in particular, for a production plan that takes into account the limited capacity for production and sales of finished products in 2025-2026. At the same time, the volume of finished product production in the 2025-2026 financial years will be approximately 40-50% of the pre-war level, with an expected recovery to almost pre-war levels in 2027, with only one of the four production lines of the rolling mill of the crushing and enrichment plant of Poltava GOK operating simultaneously.
Rudomain LLC (Kryvyi Rih, Dnipropetrovsk region), which is engaged in the extraction of iron ore, increased its net loss to UAH 223.561 million in 2024, up from UAH 76.229 million in 2023.
According to the company’s annual report, which is available to Interfax-Ukraine, the financial result from operating activities decreased by UAH 154.65 million, mainly due to an increase in the cost of sales and selling expenses.
Revenue for the year increased by 18.1% to UAH 2 billion 707.986 million.
Retained earnings at the end of 2024 amounted to UAH 1 billion 796.098 million.
According to the report, the company’s total sales of all types of ore in 2024 amounted to 1 million 280.27 thousand tons, which is 174.88 thousand tons more than in 2023. In particular, 757.54 thousand tons of iron ore were sold. In 2024, the structure of sales by country did not change significantly: buyers from Austria accounted for more than 80% of sales, while the share of sales in Ukraine was 6.48%.
Rudomain LLC was registered in May 2010. Its main activity is the extraction of iron ore. As of the end of 2020, two enrichment plants were launched and operating here. The production capacity of the enterprise was up to 4 million tons of raw materials. The production of finished products with an Fe content of 50-59% (fraction 0-10 mm) amounted to about 1.5 million tons per year. The company produces the following types of iron ore: sinter ore, blast furnace ore, raw ore, and iron ore.
Since 2010, Rudomain has processed more than 20 million tons of substandard ore from the Kryvyi Rih iron ore basin. Between 2020 and 2024, it increased its fleet of excavators by 21 units, drilling rigs by 2 units, crawler bulldozers by 6 units, wheeled bulldozers by 1 unit, and 3 motor graders, and 13 wheel loaders. In addition, it carried out major repairs of locomotives and purchased modern manipulators and dispensers for forming cargo in railway cars.
The number of full-time employees at the end of 2024 was 1,105.
The company has special permits for iron ore mining No. 6236 dated December 8, 2017, issued for plot No. 2 of the Pivdenny quarry with an area of 24.2 hectares, and No. 6511 dated May 25, 2021, issued for the expansion of plot No. 2 of the Pivdenny quarry with an area of 35.2 hectares. The special permits are valid until December 2037.
As of December 31, 2024, the sole participant in Rudomain LLC is ARDK Mining Asset Management Holding Ltd (Cyprus). The ultimate beneficial owner is Kostyantyn Karamanits. Type of beneficial ownership: indirect decisive influence, percentage of share capital in the legal entity 70%.
As of December 31, 2024, Rudomain LLC owns a 33.9% share in the authorized capital of Football Club Hirnyk LLC and 100% in the authorized capital of its subsidiary, Dolinsky Mining and Processing Plant LLC.
The authorized capital of Rudomain LLC is UAH 21.907 million, and the value of one share is UAH 0.01.
In January-September 2025, the manufacturer of agricultural equipment and special-purpose machinery, JSC “Fregat Plant” (Pervomaisk, Mykolaiv region), increased its losses by 21% compared to the same period in 2024, to UAH 50.3 million.
According to the company’s financial report published in the information disclosure system of the National Securities and Stock Market Commission, net sales revenue decreased 3.8 times to UAH 35.2 million.
The company received UAH 10.5 million in gross profit (a year ago – UAH 50.7 million), and the loss from operating activities amounted to UAH 33.3 million, compared to a profit of UAH 16.3 million in January-September 2024.
“During the reporting period, the company focused its efforts on maintaining its customer base, supporting long-term partnerships with counterparties, and ensuring the economical and rational use of funds,” the report says.
The Fregat plant notes that the degree of utilization of fixed assets in the reporting period was 20%.
According to the plant, in the third quarter, the production of agricultural machinery for crop production accounted for 5.5% of the total volume of commercial products, and equipment for the processing industries of the agro-industrial complex accounted for 1.6%, while other types of products accounted for 92.9%.
The average salary in the third quarter of 2025 was 12.5% lower than in the same period of 2024, at UAH 10,900.
The Fregat plant specializes in the production of irrigation systems, road barriers, metal structures, as well as machine-building products and special-purpose machines.
As of October 1, 2025, it had an average of 126 employees, with 85 at the Eastern branch and 10 at the Dnipro branch (both in Pervomaisk).
As reported, in 2024, the plant increased its losses by 58% compared to 2023, to UAH 60.4 million, while its net income increased by 34.6%, to UAH 188.6 million.
The Unisteel plant (Kryvyi Rih, Dnipropetrovsk region), which produces galvanized cold-rolled flat products and is part of the Metinvest Group, incurred a net loss of UAH 6.389 million in January-September this year, compared to UAH 196.913 million in the same period last year.
According to the company’s interim report, which is available to the Interfax-Ukraine agency, its profit in the third quarter of 2025 amounted to UAH 37.532 million.
Revenue for this period increased by 0.3% to UAH 2 billion 653.726 million.
The uncovered loss at the end of September amounted to UAH 1 billion 46.731 million.
The LLC ended 2024 with a loss of UAH 363.768 million, while in 2023 this figure was UAH 255.057 million.
The main products manufactured by the plant are galvanized flat rolled products with a thickness of 0.40 mm to 2.50 mm, a width of 600 to 1250 mm, and a coating class (Zn) of 60-275 g/m². The volume of finished product sales in 2024 and 2023 amounted to 113,321 thousand tons and 72,500 thousand tons, respectively. In 2024, 37,917 thousand tons (32.46%) were exported and 75,404 thousand tons (66.54%) were sold on the domestic market.
In 2024, the company employed 144 people.
The Unistil plant, which produces cold-rolled galvanized flat products with a capacity of over 100 thousand tons per year, was built in 2007-2010. It is equipped with equipment from Dongbu Machinery Co., LTD (South Korea).
The authorized capital of Unistil LLC is UAH 6.01 million.
Metinvest is a vertically integrated group 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 main shareholders of the holding company are SCM Group (71.24%) and Smart Holding (23.76%). Metinvest Holding LLC is the managing company of the Metinvest Group.
Metinvest Digital LLC, the IT expertise center of Ukraine’s largest mining and metallurgical holding Metinvest, incurred a net loss of UAH 9.894 million in January-September this year, compared with a net profit of UAH 48.272 million in the same period last year.
According to the company’s interim report, which is available to Interfax-Ukraine, revenue for this period decreased by 3.1% to UAH 579.713 million.
Retained earnings at the end of September amounted to UAH 43.165 million.
In 2024, the LLC received a net profit of UAH 34.142 million, while it ended 2023 with a net loss of UAH 9.525 million.
Metinvest Digital is a Ukrainian IT company specializing in the digital transformation of large businesses and implementing projects in Ukraine, Europe, and North America. The company develops, implements, and supports comprehensive IT solutions for the development of technological infrastructure, information systems, strategic outsourcing, data migration, system integration, cybersecurity, and information security. Metinvest Digital is the IT business partner of the Metinvest Group, serving more than 30 of the holding’s enterprises around the world. The company is a certified partner of Microsoft (Gold Certified Partner) and SAP (Silver Partner).
More than 800 Metinvest Digital employees serve the group’s enterprises.
Metinvest Holding LLC owns 100% of Metinvest Digital LLC.
The company’s authorized capital is UAH 78.740 million.
Metinvest is a vertically integrated group 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 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.
