PJSC “Ukrstal Zaporizhzhia Steel Structure Plant” ended 2025 with a net loss of UAH 4.821 million, compared to UAH 15.803 million in 2024.
According to the company’s filing with the National Securities and Stock Market Commission (NSSMC), a proposal will be made at the shareholders’ meeting scheduled for April 17, 2026, to leave the net loss for 2025 uncovered.
According to the agenda, shareholders will review the supervisory board’s report for the past year, approve the results of financial and economic activities and the procedure for covering losses, as well as decide on the use of the company’s reserve capital.
The draft resolutions, copies of which are available to the Interfax-Ukraine agency, propose, in particular, that the net loss incurred by the company as a result of its financial and operational activities in 2025, amounting to UAH 4,821,120 thousand, be left uncovered. Additionally, regarding the decision on the use of the company’s reserve capital, it is proposed to utilize the reserve capital, which as of December 31, 2025, amounts to 80,038 thousand UAH, specifically to cover losses.
PJSC “Metal Structures Plant ”Ukrstal Zaporizhzhia“ is the legal successor to PJSC ”Zaporizhzhia Metal Structures Plant” (the name change took place in April 2017). Its primary business activity is the production of structural steelwork.
According to the State Registration Service data for the fourth quarter of 2025, JSC “Closed Undiversified Venture Corporate Investment Fund ‘Rift’ owns 56.303% of the shares of PJSC ”Metal Structures Plant “Ukrstal Zaporizhzhia,” and Technological Renaissance LLC holds 42.9107%.
The authorized capital of the private joint-stock company is UAH 137.424 million, with a par value of UAH 0.01 per share.
PJSC “Interpipe Dnipropetrovsk Vtormet” (Dnipro), a subsidiary of the Interpipe Pipe and Wheel Company (PWC), ended 2025 with a loss of UAH 2.821 million, whereas in 2024 it reported a net profit of UAH 65.931 million.
According to information submitted by the company to the NSSMC’s disclosure system, the annual general meeting of shareholders is scheduled to be held on April 15 of this year via a survey (remote general meeting).
Eleven items are on the agenda, including determining the company’s main areas of activity for 2026, reviewing the supervisory board’s reports and the 2025 audit report, and approving the annual financial statements and the procedure for covering losses. In addition, it is planned, in particular, to terminate the powers of the current members of the supervisory board and elect new ones,
According to draft resolutions available to the Interfax-Ukraine agency, shareholders are proposed to define the main areas of the company’s activities in 2026 as increasing the volumes of scrap metal procurement and processing; developing scrap collection capacities; reducing production costs; and maximizing profits from business operations.
It is also proposed to approve the reports for 2025. Given that the company’s financial and operational results for 2025 resulted in a loss of UAH 2.821 million, the procedure for covering losses is to be approved: losses are to be covered in accordance with current legislation.
“Interpipe” is a Ukrainian industrial company and a manufacturer of seamless pipes and railway wheels. The company’s structure includes five industrial assets: “Interpipe Nizhnedneprovsky Pipe Rolling Plant (NTZ),” “Interpipe Novomoskovsky Pipe Plant (NMTZ),” “Interpipe Nico-Tube,” “Dnipropetrovsk Vtormet,” and the electric steelmaking complex ‘Dniprostal’ under the “Interpipe Steel” brand.
The ultimate owner of Interpipe Limited is Ukrainian businessman and philanthropist Viktor Pinchuk and members of his family.
“Interpipe Dnipropetrovsk Vtormet” specializes in the procurement and processing of ferrous metal scrap in the Dnipropetrovsk region, followed by the sale of this product, specifically in the preparation of metal feedstock for steelmaking enterprises. The company’s production facilities have the capacity to process 1.35 million tons of scrap per year. The company has an extensive regional network of procurement and production facilities (Dnipro, Nikopol, Pavlohrad, Zhytomyr, Kyiv, Odesa, Poltava, Vinnytsia, Kharkiv, and Cherkasy).
According to the National Securities and Stock Market Commission (NSSMC) data for the fourth quarter of 2025, Interpipe Limited (Cyprus) owns 98.6699% of the shares of Interpipe Dnipropetrovsk Vtormet PJSC.
The company’s authorized capital is UAH 64.876 million.
PJSC “Production Association ”Konty” (Kostiantynivka, Donetsk region), one of the leaders in the Ukrainian confectionery market, ended 2025 with a net loss of UAH 263.93 million, which is 2.67 times more than in 2024.
According to the company’s report in the information disclosure system of the National Securities and Stock Market Commission (NSSMC), the issue of approving the results of operations and the procedure for covering losses has been put on the agenda of the remote general meeting of shareholders scheduled for April 27. Shareholders are being offered to cover the losses for 2025 at the expense of future years’ profits.
In addition to the financial results, shareholders plan to consider a special report by the executive body on the reasons for the decrease in the company’s equity capital and approve a plan of measures to stabilize the financial condition of the enterprise.
The meeting also provides for the re-election of the supervisory board. In particular, it is planned to terminate the powers of the current members of the supervisory board, A. Dyumin, S. Kolomiets, and S. Lisenkov, with the subsequent election of a new composition by cumulative voting. The draft decision states that the members of the supervisory board will work on a pro bono basis.
According to data from the Opendatabot service, the company’s revenue in 2025 (forecast) will amount to UAH 200.01 million, which is 26.8% less than in 2024 (UAH 273.26 million). The net loss for 2024 amounted to UAH 98.58 million, which is 6.8 times less than the negative indicator for 2023 (UAH 672.16 million). The company’s debt obligations in 2024 decreased slightly to UAH 1.604 billion, compared to UAH 1.613 billion a year earlier. At the same time, the company’s assets for the reporting period decreased by 25.9% to UAH 337.68 million compared to UAH 455.86 million in 2023. Updated data is currently unavailable in the system. The company’s authorized capital is UAH 54.052 million.
PJSC “Production Association ”Konty” was founded on October 22, 1997, in Kostyantynivka, Donetsk region. It specializes in the production of cocoa, chocolate, and sugar confectionery, as well as flour confectionery and long-term storage cakes. The product range includes about 200 items, among which the key brands are Super Kontik, Bonjour KONTI, Timi, Amour, BiSKonti, and Jack.
The ultimate beneficiaries of the company are Boris and Svetlana Kolesnikov (each owning 24.99% of the shares). Other shareholders with large stakes include: Serhiy Kiy (9.99%), Vyacheslav Lyashko (9.99%), Yucher LLC (9.99%), Raisa Taktasheva (7.49%), and Tetiana Akhmetova-Aidarova (6.99%).
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.
