The Kametstal plant, part of the Metinvest Mining and Metallurgical Group and operating at the facilities of the Dniprovsky Metallurgical Combine (DMC, Kamyanske, Dnipropetrovsk Oblast), reported a net loss of 792.933 million UAH for January–September of this year, whereas in the same period last year, it posted a profit of 1 billion 345.153 million UAH.
According to the company’s interim report, available to the Interfax-Ukraine news agency, the loss in the third quarter amounted to 350.683 million UAH.
Revenue from ordinary operations for this period increased by 11.8% to 47,444.227 million UAH.
The accumulated loss as of the end of September stood at 2,341.094 million UAH.
The report states that on the night of September 5, 2026, Russia launched a ballistic strike against the plant. Five people were killed and four employees were injured as a result of the attack. The attack damaged the plant’s sinter and blast furnace production facilities, as well as its energy and transportation infrastructure. The plant was forced to completely halt all production processes. Restoration work is currently underway at the facility. Following an inspection of the equipment and infrastructure, an assessment of the extent of the damage was conducted, and further steps toward resuming production were determined. The timeline for restarting production processes and resuming production is currently unknown.
Against the backdrop of shelling of industrial facilities and the blockade of Black Sea ports, a 30% increase in freight rates by Ukrzaliznytsia, and a worsening situation in the European market, the company is forced to make difficult decisions. These include a significant reduction in administrative costs, the optimization of business processes, and a reduction in administrative and management staff—primarily in those areas of operation where work has been substantially curtailed. This is a necessary step to preserve production and thousands of jobs. The company will do everything possible to support the laid-off employees. They will receive severance pay and will be offered available positions in the production divisions.
The challenges Ukraine faces due to the war are hindering the stability and further development of its economy and financial sector. Consequently, the Company’s operating environment remains challenging. The duration and consequences of the war cannot be reliably predicted.
As reported, in the first quarter of 2026, the plant’s net loss increased 13.3-fold compared to the same period last year—to 1 billion 421.376 million UAH from 107.083 million UAH, while revenue from ordinary operations for this period rose by 17.7%—to 17,356.948 million UAH.
In the first half of this year, Kametstal reported a net loss of 137.457 million UAH, whereas in the same period last year it posted a profit of 633.921 million UAH; revenue rose by 38.2% to 36.764577 billion UAH.
In 2025, the plant posted a net profit of 961.340 million UAH, whereas it ended 2024 with a net loss of 237.705 million UAH. At the same time, revenue from ordinary operations for the past year increased by 12.2% to 58 billion 780.443 million UAH.
The plant ended 2024 with a loss of 237.705 million UAH, whereas in 2023 the loss amounted to 912.333 million UAH. The plant ended 2022 with a net loss of 883.119 million UAH, whereas in 2021 it reported a net profit of 120.277 million UAH.
“Kametstal” was established on the basis of PrJSC “Dniprovsky Coke and Chemical Plant” (DKKhZ) and the Central Metallurgical Complex of PJSC “Dniprovsky Metallurgical Combine” (DMK).
According to data from the National State Register as of October 23, 2026, Metinvest B.V. (Netherlands) owns 100% of the company’s shares.
The authorized capital of PJSC “Kametstal” is 170.584 million UAH.
In January–September of this year, PJSC “Ukrrichflot Shipping Company” reduced its net loss by 29.9% compared to the same period last year—to 137.447 million UAH.
According to the company’s interim report, which is available to the Interfax-Ukraine news agency, the loss in the third quarter amounted to 35.368 million UAH.
Revenue for this period decreased by 35.4% to 14.720 million UAH.
Retained earnings as of the end of September totaled 120.979 million UAH.
As previously reported, in the first half of this year, Ukrrichflot reduced its net loss by 24.2% compared to the same period last year—to 102.079 million UAH, while revenue fell 2.7-fold—to 7.553 million UAH.
In January–September 2025, “Ukrrichflot” posted a net loss of 196.007 million UAH, while revenue for this period decreased by a factor of 7.7 to 22.781 million UAH. In 2024, the company’s net loss increased to 29.983 million UAH from 22.251 million UAH in 2023.
PJSC “Ukrrichflot Shipping Company” is a private logistics operator that provides river and maritime freight transportation services.
According to the National Securities and Stock Market Commission’s data for August as of October 23, 2026, Oltinoro Investments Limited owns 5.5% of the shares, and Culata Limited (both based in Cyprus) owns 9.7758%. The “P’yatyi” closed-end, non-diversified venture capital investment fund, on behalf of and at the expense of which LLC “Asset Management Company ‘Svarog Asset Management’” acts, holds 66.1032%; LLC “Promexpertinvest” holds 9.1666%.
The authorized capital of PJSC “Ukrrichflot” is 51,428,586 thousand UAH; the par value of a share is 0.30 UAH.
PJSC “Zaporizhzhia Metallurgical Plant ‘Zaporizhstal’” reported a net loss of 2 billion (307.873 million UAH) in January–September of this year, compared to a net profit of 1 billion 887.127 million UAH in the same period last year.
According to the company’s interim report, available to the Interfax-Ukraine news agency, the loss in the third quarter amounted to 1,247.146 million UAH.
During this period, revenue from ordinary operations decreased by 8.3% to 49,157.347 million UAH.
Retained earnings as of the end of September totaled 29 billion 799.280 million UAH.
The company’s management report specifically highlights logistical, regulatory, and energy risks. It also notes that a significant portion of PJSC “Zaporizhstal’s” products is sold for export. As of September 30, 2026, the Russian Federation’s military aggression and restrictions on shipping in the Black Sea region continue to pose significant logistical risks to the stability of supplies. In this regard, the company utilizes multimodal logistics routes, which are carried out both through ports on the Danube River and via rail and road transport. At the same time, there remains a risk of restrictions or complications in transportation across Ukraine’s western borders, particularly with the Republic of Poland, which could negatively impact both the import of raw materials and the export of finished products, leading to increased costs and longer contract fulfillment times.
One of the significant risks for the company is the European Commission’s introduction of the Carbon Border Adjustment Mechanism (CBAM), which gradually tightens financial and administrative requirements for imports of high-carbon-intensive metallurgical products, as well as increases the cost of greenhouse gas emissions. At the same time, the company’s assessment—which also takes into account the continued use of free allowances under the European Union Emissions Trading System (EU ETS)—indicates that the impact of CBAM on semi-finished steel products and finished goods will remain limited until 2030. An additional risk is the tightening of trade defense measures in the EU market. In particular, new restrictive quotas on imports of certain types of steel products into the EU took effect on July 1, 2026. Zaporizhstal continuously monitors changes in the regulatory environment and takes measures to adapt its export strategy to the new conditions governing foreign economic activity.
Zaporizhstal’s financial and operational activities are also subject to risks related to electricity supply. The energy-intensive nature of metallurgical production, combined with the consequences of damage to Ukraine’s energy infrastructure resulting from military hostilities, creates risks of unstable electricity supply, restrictions on electricity consumption, and rising costs. Since the plant’s production process depends on the power supply, in the event of any significant power outages, the company will be able to continue its operations at a reduced capacity. Such a scenario could negatively impact the plant’s operating results and financial condition in a manner that cannot currently be reliably assessed, including its ability to continue operations on a going-concern basis.
At the same time, the expansion of sales markets, the adaptation of logistics routes, and improvements in energy efficiency are positive factors that could partially mitigate the impact of these risks in the medium term.
In August–September 2026, the company’s production site was subjected to rocket attacks, which damaged certain energy infrastructure and blast furnace production facilities.
As reported, in the first quarter of 2026, Zaporizhstal’s net loss increased 2.1-fold compared to the same period in 2025—to 1 billion 373.955 million UAH from 660.923 million UAH. Its revenue from ordinary operations increased by 13.2%, to 19 billion 667.141 million UAH from 17 billion 376.525 million UAH.
In January–June of this year, the plant reported a net loss of 1 billion 60.727 million UAH, whereas in the same period last year it had a net profit of 1 billion 369.359 million UAH; revenue from ordinary operations increased by 7.6% to 38 billion 701.653 million UAH.
In 2025, Zaporizhstal doubled its net profit compared to 2024—to 1 billion 764.886 million UAH from 880.562 million UAH, and revenue from ordinary operations rose by 2.4%—to 72 billion 14.156 million UAH from 70 billion 307.933 million UAH. At the same time, consolidated profit in 2025 amounted to 1,328.605 million UAH, compared to 1,593.521 million UAH in 2024. Revenue remained unchanged—the same as in the unconsolidated report.
In 2024, Zaporizhstal reported a net profit of 1 billion 593.521 million UAH, compared to a net loss of 3 billion 899.537 million UAH the previous year. Revenue amounted to 70,307.933 million UAH, compared to 56,428.254 million UAH in 2023.
Zaporizhstal ended 2022 with a net loss of 4,864,684,828 thousand UAH, whereas in 2021 it reported a net profit of 16,809,158,412 thousand UAH.
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 PJSC “System Capital Management” (71.24%) and Smart Steel Limited (23.76%). LLC “Metinvest Holding” is the management company of the “Metinvest” Group.
The public joint-stock company’s authorized capital is 660,920,444.75 UAH, divided into 2,643,681,770 shares, with a par value of 0.25 UAH per share.
The Kryvyi Rih Mining and Metallurgical Plant, PJSC “ArcelorMittal Kryvyi Rih” (AMKR, Dnipropetrovsk Oblast), ended the January–September period of this year with a net loss of 49 billion 442.253 million UAH, an 8.6-fold increase compared to the same period last year, when it stood at 5 billion 768.250 million UAH.
According to the company’s interim report, a copy of which is available to the Interfax-Ukraine news agency, AMKR’s revenue from ordinary operations for this period amounted to 45,651,999,000 UAH, compared to 52,278,473,000 UAH in January–September 2025.
The accumulated loss as of the end of September 2026 amounted to 82 billion 282.596 million UAH.
As previously reported, AMKR ended January–March 2026 with a net loss of 4 billion 599.057 million UAH, an increase of 54.8% compared to the same period in 2025, when it amounted to 2 billion 970.387 million UAH. Revenue from ordinary operations during this period amounted to 13,244.044 million UAH, compared to 15,063.014 million UAH in January–March 2025.
AMKR ended January–June of this year with a net loss of 6,641.858 million UAH, an increase of 57.4% compared to the first half of last year, when it amounted to 4,219.136 million UAH. Revenue from ordinary operations for this period amounted to 32 billion 839.717 million UAH, compared to 33 billion 818.076 million UAH in January–June 2025.
AMKR ended 2025 with a net loss of 8 billion 896.797 million UAH, whereas in 2024 it amounted to 8 billion 848.963 million UAH. Revenue from ordinary operations for 2025 reached 70,634,443,000 UAH, compared to 64,591,407,000 UAH in 2024.
At the same time, AMKR ended 2025 with a consolidated net loss of 8 billion 887.789 million UAH, compared to 8 billion 841.794 million UAH in 2024. At the same time, consolidated income from ordinary activities amounted to 70,627,356 million UAH in 2025, compared to 64,599,685 million UAH in 2024. The consolidated uncovered loss as of the end of last year stood at 32,927,580 million UAH.
In 2024, the plant reduced its consolidated net loss by 25.5% compared to 2023—to 8 billion 841.812 million UAH from 11 billion 875.984 million UAH. At the same time, net revenue decreased by 54.3%—to 64,599,685,000 UAH from 41,873,521,000 UAH.
“ArcelorMittal Kryvyi Rih” is the largest producer of rolled steel in Ukraine. It specializes in the production of long products, in particular rebar and wire rod.
ArcelorMittal owns Ukraine’s largest mining and metallurgical complex, “ArcelorMittal Kryvyi Rih,” and a number of smaller companies, including PJSC “ArcelorMittal Beryslav.”
According to the company, ArcelorMittal Duisburg GmbH (Germany) owns 95.128% of its shares.
The steel complex’s authorized capital is 3 billion 859.533 million UAH.
ARCELORMITTAL KRYVYI RIH, KRYVYI RIH, LOSS, METALLURGY, STEEL
Based on its performance from January through September of this year, the Kryvyi Rih Iron Ore Plant (KZRK) saw its net loss increase by 27.5% compared to the same period last year, reaching 1 billion 895.524 million UAH.
According to KZRK’s interim report, available to the agency “Interfax-Ukraine,” the loss in the third quarter amounted to 488.141 million UAH.
Over the first nine months, revenue from ordinary operations decreased to 566.023 million UAH from 1 billion 601.822 million UAH.
The uncovered loss as of the end of September 2026 amounted to 1 billion 356.570 million UAH.
In an official response from KZRK’s Director of Human Resources, Natalia Goncharova, to a media inquiry regarding the situation at the enterprise, it is stated that the plant has been in a difficult financial and economic situation for a long time. The Commercial Court of Dnipropetrovsk Oblast has initiated bankruptcy proceedings against KZRK and implemented an asset disposal procedure, the term of which has been extended until January 6, 2027.
It is noted that throughout 2026, the situation significantly worsened due to the Russian Federation’s ongoing military aggression against Ukraine, systematic attacks on energy and transportation infrastructure, power outages, logistical constraints, and rising production costs. In 2026, production and economic indicators continued to deteriorate. Currently, three of the four mines operate primarily in dewatering mode, and the volume of commercial production amounts to only about 5% of the pre-war level.
At the same time, a significant portion of the enterprise’s expenses remains constant regardless of production volumes. This primarily concerns ensuring mine dewatering, which is necessary to prevent the flooding of mine workings and preserve the possibility of resuming production. KZRK accounts for about 70% of the total volume of mine water accumulation in the Kryvbas region. The situation is further complicated by the state’s failure to reimburse over 762 million UAH in value-added tax. Meanwhile, the company’s wage arrears amount to 561.7 million UAH.
“The right to receive a portion of the budgetary reimbursement in the amount of 112 million UAH has already been confirmed by court decisions in cases No. 160/14987/24, No. 160/22289/24, No. 160/23824/ 24, No. 160/25992/24, and No. 160/10456/24; however, the corresponding funds have not yet been received,” states the response from the director of human resources, posted on the company’s official website.
It adds that under these circumstances, the company is forced to minimize expenses that are not directly related to ensuring production operations, industrial safety, and the preservation of production capacity. This applies, in particular, to revising the organizational structure and optimizing staffing levels in accordance with actual production volumes.
“At the same time, despite the complexity of the situation, we have managed to achieve certain improvements over the past few months. While in April 2026 the company’s mines were cut off from the power supply, mine workings were flooding, and salaries had not been paid since the beginning of the year, power supply to all mines has now been restored, the bulk of the work to pump out mine water has been completed, and related work remains at the “Kozatska” mine. “Salary payments have been partially resumed, repayment of previously accumulated debt has begun, and investments have been made to restore production,” the document emphasizes.
It is also noted that the main objective for 2027 remains increasing the volume of marketable ore production. Demand for the company’s products exceeds its current production capacity; therefore, increasing output is viewed as the key prerequisite for stabilizing the company’s situation.
“The situation remains challenging, and a quick resolution of all problems should not be expected. Currently, KZRK’s main efforts are focused on preventing mine flooding, preserving production capacity, resuming mining operations, and securing the financial resources needed to fulfill its obligations to employees and creditors,” Goncharova concludes.
As previously reported, in the first half of this year, KZRK saw its net loss increase by 9.4% compared to the same period last year—to 1 billion 407.383 million UAH, while revenue from ordinary operations fell to 336.132 million UAH from 1 billion 250.939 million UAH.
In the first quarter, KZRK’s net loss increased 4.4-fold compared to the same period last year—to 378.948 million UAH from 85.925 million UAH. During this period, revenue from ordinary activities decreased to 135.457 million UAH from 705.526 million UAH.
In 2025, KZRK reported a net loss of 2 billion 988.138 million UAH, compared to a loss of 2 billion 14.015 million UAH in 2024; revenue from ordinary activities for this period amounted to 1 billion 963.643 million UAH.
KZRK ended 2024 with a net loss of 2 billion 14.015 million UAH, whereas in 2023 it amounted to 63.411 million UAH. Net revenue in 2024 amounted to 3 billion 443.081 million UAH, compared to 5 billion 577.923 million UAH in 2023.
It was previously reported that on May 23, 2025, “Your Energy Supplier” LLC (Kyiv) filed a petition with the Commercial Court of Dnipropetrovsk Oblast to initiate bankruptcy proceedings against KZRK due to outstanding payments for electricity consumed. The Commercial Court of Dnipropetrovsk Oblast ruled to open bankruptcy proceedings against KZRK on June 9 of this year.
KZRK specializes in underground iron ore mining. It comprises four mines: “Pokrovska” (formerly “Zhovtneva”), the “Kryvyi Rih” mine (“Batkivshchyna”), “Kozatska” (formerly “Hvardiyiska”), and “Ternivska” (formerly the Ordzhonikidze Ore Administration, later the Lenin Ore Administration).
According to the National Securities and Stock Market Commission as of August 2026, as of October 23, the main shareholder of KZRK is Starmill Limited (Cyprus), which owns 99.8812% of its shares. Prior to the initiation of bankruptcy proceedings, operational control of the plant was exercised by the “Privat” Group.
In May 2023, Ukraine imposed sanctions against dozens of foreign companies linked to Russian individuals that own significant assets in Ukraine, including KZRK. Some of these assets had already been seized, but the sanctions paved the way for their confiscation. The corresponding Presidential Decree No. 279 of May 12 was published on the President’s website. In particular, the list of legal entities includes Starmill Limited, which owns 99.89% of KZRK under the operational control of the Privat Group.
The company’s authorized capital is 1 billion 991.233 million UAH.
IRON ORE, KRYVYI RIH, LOSS, MINING, КЗРК
PJSC “Interpipe Novomoskovsk Pipe Plant” (“Interpipe NMTZ,” Dnipropetrovsk Oblast) ended the January–September period of this year with a net loss of 171.914 million UAH, compared to a net profit of 210.307 million UAH for the same period last year.
According to the company’s interim report, which is available to the agency “Interfax-Ukraine,” revenue from ordinary operations for this period fell to 313.324 million UAH from 1 billion 896.326 million UAH in January–September 2025.
Retained earnings as of the end of September amounted to 308.260 million UAH.
The management report notes that the company is operating amid a slump in the domestic market and irregular supplies of strip. Overall operating indicators for the first half of the year were stabilized thanks to the launch of the insulation division, which became the main driver of production capacity utilization.
In addition, the report notes that despite all current challenges, the company’s goal remains unchanged: to increase its contribution to the development of the Ukrainian economy, product quality, and occupational health and safety, which are the cornerstones of the company’s competitiveness. The company’s operations may be affected by unforeseen changes in Ukrainian legislation; ongoing military hostilities and the uncertainty surrounding future developments—including the intensity or potential duration of these hostilities—could significantly affect the country’s economic situation and, consequently, the company’s operations. Other challenging issues include rising rail tariffs and prices for energy, raw materials, and metals, which result in increased production costs.
As previously reported, Interpipe NMTZ posted a net loss of 104.411 million UAH for the January–March 2026 period, compared to a net profit of 35.697 million UAH in the same period last year. Revenue from ordinary operations for this period fell to 69.382 million UAH from 243.431 million UAH in the first quarter of 2025.
The plant ended the first half of 2026 with a consolidated loss of 198.565 million UAH, compared to a consolidated net profit of 138.189 million UAH for the same period last year. Revenue from ordinary operations for this period fell to 511.606 million UAH from 1,311.450 million UAH in the first half of 2025.
NMTZ reported a net profit of 10.161 million UAH in 2025, compared to a loss of 194.563 million UAH in 2024. Meanwhile, revenue from ordinary operations for the past year increased by 27.3% to 2 billion 808.420 million UAH.
“Interpipe NMTZ” specializes in the production of welded pipes for the oil and gas industry, mechanical engineering, construction, and other industrial sectors.
According to the State Registration Service data for August 2026 as of October 23, Interpipe Limited owns 90.8199% of the plant’s shares, and Lindsell Enterprises Limited (both based in Cyprus) owns 6.2918%.
The authorized capital of Interpipe NMTZ PJSC is 50 million UAH, and the par value of each share is 0.25 UAH.
DNIPROPETROVSK REGION, INTERPIPE NMTZ, LOSS, METALLURGY, pipe industry
