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
PJSC “Ukrainian Graphite” (“Ukrgrafit,” Zaporizhzhia) reported a 65.8% increase in its net loss for the January–September period of this year compared to the same period last year, reaching 306.771 million.
According to the company’s interim report, which is available to the Interfax-Ukraine news agency, the loss in the third quarter amounted to 126.309 million UAH.
Revenue for this period rose by 0.6% to 979.358 million UAH.
The company’s retained earnings as of the end of September totaled 3 billion 94.725 million UAH.
As previously reported, in the first half of 2026, “Ukrgrafit” saw its net loss increase by 53.7% compared to the same period in 2025—to 180.462 million; revenue for this period decreased by 5.1%—to 651.465 million UAH.
In 2025, the plant saw its net loss increase by 31.3% compared to 2024—to 265.776 million, while revenue decreased by 13.5%—to 1 billion 272.074 million UAH.
“Ukrgrafit” ended 2024 with a net loss of 202.447 million UAH, whereas in 2023 it increased its net profit by a factor of 2.34 compared to 2022—to 122.920 million UAH.
“Ukrgrafit” is Ukraine’s leading manufacturer of graphitized electrodes for electric steel-making, ore-thermal, and other types of electric furnaces; commercial carbon compounds for Soderberg electrodes; and carbon-based refractory materials for enterprises in the metallurgical, machine-building, chemical, and other industrial sectors.
According to data from the National Depository of Ukraine (NDU) as of August 2026, as of October 23, Intergraphite Holdings Company Limited (Malta) owns 23.9841% of the private joint-stock company, while C6 Safe Group Limited (Cyprus) owns 72.0394%.
The authorized capital of the private joint-stock company is 233.959 million UAH, and the par value of a share is 3.35 UAH.
Ferrexpo, a mining company with assets in Ukraine, ended the first half of 2026 with a net loss of $14.9 million, which is 13.2 times less than in the first half of 2025, according to the company’s report released on Friday.
According to the report, revenue fell 2.3-fold to $196 million due to a decline in sales volume, while EBITDA was negative at $4 million, compared to a positive $4 million in the first half of 2025, reflecting the combined impact of lower sales volumes and selling prices, as well as rising production costs.
Following the morning release of the financial results, the stock rose from 28.9 pence to 32.88 pence and closed at 32.48 pence, representing a 13.33% increase over the previous day’s closing price. The last time the stock traded at such a high price was more than five months ago.
Ferrexpo noted that it deliberately reduced capital expenditures (CapEx) to $10 million from $28 million in January–June 2025, allocating 88% of these expenditures to projects necessary to sustain operations and only 12% to development projects.
Due to prolonged delays in VAT refunds and the resulting decline in financial liquidity, the group was forced to reduce production to a single pellet production line, according to the report.
Total commercial output for the first half of the year amounted to 1.556 million metric tons, which is 40% less than in the previous half-year (ending December 31, 2025) and 54% less than in the first half of 2025.
The production mix in the first half of 2026 consisted of 89% pellets and 11% marketable concentrate, compared to 61% and 39%, respectively, in the first half of 2025, when the higher share of concentrate production provided additional market opportunities during a period of reduced demand for pellets and lower market premiums, Ferrexpo noted.
Interim Chairman of the Board Lucio Genovese recalled that in early September, the company was able to raise $100 million through an additional share issuance, which significantly strengthened its liquidity position and provided additional financial stability and greater flexibility to manage the ongoing operational and financial pressures facing the business.
“However, the additional capital does not resolve the underlying issues arising from the prolonged withholding of VAT refunds, the war in Ukraine, constraints on logistics and energy infrastructure, as well as the need to maintain disciplined cash and working capital management,” he noted.
On Friday Ferrexpo clarified that C1 production costs rose to $81.3 per metric ton from $77.1 in the first half of 2025 due to increased mining and maintenance activities, the impact of higher electricity and fuel prices, and rising personnel costs.
It is noted that the group has made significant efforts to reduce costs in order to maintain financial stability. These measures include reducing employees’ working hours, cutting back on the procurement of goods and services, and suspending all non-critical capital expenditures, overhead costs, and corporate social responsibility expenditures.
In addition, there were no impairment losses in the first half of 2026, whereas in the first half of 2025, they amounted to $154 million.
In the report, Genovese emphasized that the continued suspension of VAT refunds by Ukrainian tax authorities remains a significant financial challenge: as of June 30, the net balance of VAT pending refund stood at $82.7 million, and as of September 24, the State Tax Service had suspended VAT refunds totaling 3.885 billion UAH, or $86.9 million.
The report also notes that during the first six months of 2026, Ferrexpo received news of the deaths of 11 more colleagues who served in the Armed Forces of Ukraine, bringing the total number of fatalities since the start of Russia’s full-scale invasion to 67, whereas in 2024 and 2025, the number of fatalities was 11 each year.
According to the report, as of the end of June 2026, 804 Ferrexpo employees were serving in the Armed Forces of Ukraine, and 218 had been demobilized, whereas at the end of 2025, those figures were 771 and 194, respectively, and a year earlier—706 and 160.
Ferrexpo owns 100% of Yeristovsky GOK LLC, 99.9% of Bilanivsky GOK LLC, and 100% of the shares of Poltava GOK PJSC.
The London Stock Exchange (LSE) suspended trading in Ferrexpo shares in early May due to the company’s inability to publish its annual financial statements on time, but resumed trading on September 7.
In 2025, the company’s revenue fell by 16% to $787 million, its EBITDA dropped 2.5 times to $28 million, and its net loss rose nearly 4.5 times to $223.9 million.
Metinvest B.V. (Netherlands), the parent company of the Metinvest mining and metallurgical group, ended January–June of this year with a net loss of $202 million, compared to a net loss of $58 million in the same period last year.
According to a press release issued by Metinvest B.V. on Monday regarding the first half of this year, revenue for the period increased by 3%, to $3.657 billion from $3.555 billion.
The company’s operating profit for the reporting period fell by 64% to $73 million.
In the first half of 2026, adjusted EBITDA decreased by 8.3% compared to the same period last year—to $311 million from $339 million. At the same time, EBITDA for the mining segment fell by 30%, to $119 million from $169 million, while EBITDA for the metallurgy segment rose by 17%, to $249 million from $213 million.
The financial results reflect the group’s performance prior to the port shutdowns and the subsequent shutdown of the Southern GOK, as well as before the shelling of Zaporizhstal and Kametstal, which caused those facilities to shut down as well.
It is noted, however, that Metinvest’s enterprises in Ukraine continued to operate at varying levels of capacity utilization due to constraints related to security, power supply, logistics, and economic factors. Despite all the challenges, the group demonstrated strong financial results, which enabled it to fully and timely repay $428 million in bonds in April. Since the start of the war, Metinvest, together with its joint ventures and associated companies, has allocated $328 million to support Ukraine.
Metinvest CEO Yuriy Ryzhenkov noted in his commentary that the first half of 2026 was generally characterized by stable operational and financial performance. A key achievement was the successful redemption in April of bonds maturing in 2026. This event demonstrates Metinvest’s financial discipline and resilience. Since 2022, the group has fully repaid three separate bond issues, with total payments exceeding $1 billion. Importantly, all these obligations were met without restructuring, despite the loss of control over certain assets and the unprecedented challenges facing Ukrainian businesses.
After the end of the reporting period, operating conditions in Ukraine became increasingly difficult: intensified missile attacks and drone strikes heightened security risks, disrupted commercial shipping through Black Sea ports, and further complicated export and import logistics. Against this backdrop, the “Pivdenny GZK” joint venture temporarily suspended production. In August and September 2026, missile strikes on the group’s enterprises—Zaporizhstal and Kametstal—resulted in the deaths and injuries of employees and caused significant damage to production and support infrastructure, leading to the temporary shutdown of the affected facilities.
“We plan to gradually resume operations at these facilities and bring the blast furnaces back online step by step. This demonstrates our commitment to preserving a competitive Ukrainian steel industry, which continues to support the country’s economy,” the CEO noted.
At the same time, external operating conditions are becoming more challenging. “We find ourselves in a fundamentally new regulatory landscape, driven by the EU’s introduction of the Carbon Border Adjustment Mechanism (CBAM) and changes to trade quotas. Although the group remains committed to decarbonization and integration into the EU’s economic space, these measures are placing additional pressure on Ukrainian industry at a time when the country continues to defend itself against military aggression and preserve its industrial potential,” Ryzhenkov emphasized.
Metinvest is a vertically integrated group of mining and metallurgical enterprises. Its facilities are located in Ukraine—in the Donetsk, Luhansk, Zaporizhzhia, and Dnipropetrovsk regions—as well as in the European Union, the United Kingdom, and the United States. 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.
Insurance Company “Quorum” (Kyiv) collected gross insurance premiums totaling 27.983 million UAH in January–June 2026, which is 25.4% less than during the same period in 2025, and net premiums by 27.978 million UAH (-18.9%).
This was reported by the rating agency (RA) “Standard-Rating” in an update on the company’s credit rating and financial stability rating on the national scale at the “uaAA” level for the specified period.
Revenues from individual policyholders at the insurance company decreased by 57.71% to 9.572 million UAH; there were no revenues from reinsurers. The share of individual policyholders in gross premiums for the first half of the year was 34.21%.
The RA also reports that insurance premiums ceded to reinsurers during the specified period amounted to 5,000 UAH, which is 99.83% less than during the corresponding period of 2025. Consequently, the reinsurers’ share of insurance premiums decreased by 8.01 percentage points—to 0.02%.
The volume of insurance payments and claims settled by the company over the first six months increased by 9.94%—to 5.487 million UAH. At the same time, the payout ratio increased by 6.30 percentage points to 19.61%.
The RA notes that the company operated at a loss in the first six months of 2026. The net loss amounted to 1.269 million UAH, whereas in the same period a year earlier, the company reported a net profit of 3.144 million UAH.
As of July 1, 2026, its assets decreased by 0.98% to 80.283 million UAH, equity decreased by 1.85%, to 67.150 million UAH, liabilities increased by 3.73%—to 13.133 million UAH, and cash and cash equivalents—by 3.36%—to 57.372 million UAH.
Insurance Company “Quorum” was established in March 2014 and specializes in risk insurance.
