In 2025, the Kryvyi Rih Iron and Steel Works PJSC ArcelorMittal Kryvyi Rih (AMKR, Dnipropetrovsk region) was quite successful in selling metal products on the EU market, but now, due to CBAM and electricity shortages, it is reducing production and operating at a loss.
As AMKR Director of Government Relations Oleg Krykavsky noted during the event “How does the shelling of the power grid affect business operations?” organized by the Center for Economic Strategy (CES), the fact that the company is part of a large multinational corporation helps it to operate and stay afloat.
“We were helped by the fact that we received more than $1 billion in aid from a multinational corporation, which was used to keep the company running. Currently, the company is operating at an average of 50% of its capacity. We were quite successful in the EU market last year, partly thanks to the government’s actions, as a good agreement was reached with the European Union to extend duty-free trade for another three years. In 2025, we exported 1.2 million tons of metal products to the European market, down from 3 million tons. But because of the CETA, our costs are rising, which means we will have to close one workshop – the blooming shop,” said the top manager.
He added that AMKR is at a disadvantage compared to European producers under CETA, as it will have to pay $63-90/ton, depending on the type of product. Also, electricity tariffs are high, and electricity import contracts are very short.
“We had several cases where we did not meet the electricity consumption volumes, and our trader sold it on the market for UAH 0. Not only did we not receive what we bought, but we were also forced to reduce production, which resulted in direct losses. And, of course, we are in dialogue with the government on this issue,” the company explained.
Responding to a question about equipment arrivals, Krykavsky noted that the equipment works during alarms. But there are losses due to emergency situations, and they are painful. Under normal conditions, the enterprise consumes 400 MW*h, but due to restrictions, we now consume 230-250 MW*h, and there are limits of 70 MW*h.
“That is, the rest is peak hours, and you have to think about what to do with that. Usually, you think about importing, because you have to work somehow. Plus, you can’t fire people for five to seven hours without paying them. People get paid at work, so you have to work,” said the AMKR representative.
He added that there was a case at the enterprise when a coke battery was damaged due to a power outage caused by a network failure.
“We are investigating who is to blame for this. But one coke battery burned down. A coke battery is, in essence, a chemical process, which means it cannot be stopped. We have installed industrial generators for such cases, but even they need 16 hours or more to start up,” the manager explained.
With half of its capacity in operation, the company is trying to cover some capacities with others, while repairing something that is idle so that it can be started up at some point.
“We are thinking about our own generation, about cogeneration. There are limited resources and limited potential. It is very expensive. But we are working on it in parallel; we have our own CHP plants and technologies today that allow us to do this. But we are a large enterprise and require large capacities,” summarized the AMKR director for relations with state authorities.
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. The company has a full production cycle, with production capacities designed for an annual output of over 6 million tons of steel, more than 5 million tons of rolled products, and over 5.5 million tons of pig iron.
ArcelorMittal owns Ukraine’s largest mining and metallurgical complex, ArcelorMittal Kryvyi Rih, and a number of small companies, including ArcelorMittal Beryslav.
In January-September of this year, PJSC Shipping Company Ukrrichflot incurred a net loss of UAH 196.007 million, compared to a net profit of UAH 23.731 million in the same period last year.
According to the company’s interim report, which is available to the Interfax-Ukraine agency, the loss in the third quarter of 2025 amounted to UAH 61.264 million.
Revenue for this period decreased 7.7 times, from UAH 176.283 million to UAH 22.781 million.
Retained earnings at the end of September amounted to UAH 316.777 million.
The company ended 2024 with a net loss of UAH 29.983 million, compared to UAH 22.251 million in 2023.
PJSC “Shipping Company ”Ukrrichflot” is a private logistics operator engaged in river and sea cargo transportation.
According to the NDU, as of the third quarter of 2025, Oltinoro Investments Limited owns 5.5% of the shares, and Culata Limited (both based in Cyprus) owns 9.7758%. The closed-end non-diversified venture investment fund “P’yatyy,” on behalf of and at the expense of which LLC “AMC ”Svarog Asset Management“ operates, owns 66.1032%; LLC ”Promexpertinvest” owns 9.1666%.
The authorized capital of PJSC Ukrrichflot is UAH 51 million 428.586 thousand, the nominal value of a share is UAH 0.30.
According to the results of its operations in January-September of this year, Kryvyi Rih Iron Ore Plant (KZRK) increased its net loss by 3.2 times compared to the same period last year, to UAH 1 billion 487.217 million.
According to KZRK’s interim report, available to Interfax-Ukraine, net income for this period decreased by 41.6% to UAH 1 billion 601.822 million.
Undistributed profit at the end of September 2025 amounted to UAH 2 billion 8.823 million.
According to the annual report, KZRK ended 2024 with a net loss of UAH 2 billion 14.015 million, while in 2023 it amounted to UAH 63.411 million. Net income in 2024 amounted to UAH 3 billion 443.081 million, and in 2023 – UAH 5 billion 577.923 million.
In 2024, the plant produced 1.693 million tons of raw ore, with 1.370 million tons of commercial ore. The plan for 2025 is 4.385 million tons of raw ore and 3.6 million tons of commercial ore.
As reported, on May 23, 2025, Tviy Energosupplach (Kyiv) applied to the Commercial Court of Dnipropetrovsk Region to initiate bankruptcy proceedings against KZRK due to its debt for electricity consumption. The
Commercial Court of Dnipropetrovsk Region ruled to open bankruptcy proceedings against KZRK on June 9 of this year.
KZRK specializes in underground iron ore mining. It consists of four mines: Pokrovska (formerly Zhovtneva), Kryvorizka (Batkivshchyna), Kozatska (formerly Hvardiyiska), and Ternivska (formerly the Ordzhonikidze
Ore Management, then named after Lenin).
According to NDU data for the first quarter of 2025, the main shareholder of KZRK is Starmill Limited (Cyprus), which owns 99.8812% of its shares. Operational control of the plant prior to the introduction of bankruptcy proceedings was exercised by the Privat Group.
In May 2023, Ukraine imposed sanctions against dozens of foreign companies linked to Russian individuals who own large assets in Ukraine, including KZRK. Some of these assets had already been seized, but the sanctions paved the way for their confiscation. The relevant presidential decree No. 279 of May 12 was published on the website of the head of state. In particular, the list of legal entities included Starmill Limited, which owns 99.89% of KZRK under the operational control of the Privat Group.
The authorized capital of the enterprise is UAH 1 billion 991.233 million.
Insurance company ARX (Kyiv) made payments totaling UAH 50.831 million in January-September 2025 under military risk insurance, according to information from the insurer.
Payments were made for 104 insured events. Of these, 97 related to motor vehicles insured against damage or destruction as a result of damage or total loss of the vehicle from missiles and drones, including damage from their debris, or debris from structures and trees caused by the fall of such debris.
In addition, seven cases involved payments under insurance contracts for buildings and structures with finishes and communications, integral property complexes, as well as equipment, office equipment, and inventory damaged as a result of rocket and/or drone attacks, for a total amount of over UAH 40 million.
ARX is part of the international insurance holding company Fairfax Financial Holdings Ltd.
On June 10, 2025, during a massive shelling of Kyiv, the business center building was damaged by debris from an enemy Shahed-type UAV.
The facade, walls, windows, interior partitions, ceiling, floor, and doors were significantly damaged. Engineering and communication systems were also affected: ventilation, heating, power supply, lighting, fire extinguishing, as well as the roof, interior decoration, furniture, and office equipment.
The building was insured against military risks under a co-insurance agreement between three companies: ARSENAL INSURANCE, UNIQA, and TAS. The insurance coverage included the building with all premises, finishes, glass elements, and office equipment. According to the results of an expert assessment, the amount of insurance compensation amounted to more than UAH 12 million. The amount of the payment was determined based on the cost of restoration work, excluding depreciation.
On September 22, 2025, ARSENAL INSURANCE received the last necessary documents, and on September 26, it made its share of the payment — UAH 4,112,237. Thus, only four days passed from the moment the documents were collected to the actual transfer of funds to the client.
“Cases involving military risks are a special category of settlements that require maximum speed and objectivity. Our task is to provide the client with financial support for the rapid restoration of business processes, even in such extraordinary circumstances,” said ARSENAL INSURANCE.
ARSENAL INSURANCE expresses its gratitude to its co-insurance partners, UNIQA and TAS, for their constructive cooperation and effective interaction in the process of settling this complex insurance case.
At the same time, during the settlement process, on August 28, 2025, the same business center was damaged by shelling for the second time. The blast wave and debris again caused damage to the building. The settlement of the second insurance case is currently underway, for which a payment will also be made.
The global gap in cyber risk protection is $0.9 trillion, with insured losses covering only 1% of economic losses from cyber incidents. This is stated in the report “Strengthening Cybersecurity: Key Indicators for Policymakers” prepared by the Zurich Insurance Group together with the Cyber Threat Alliance and the CyberGree Institute and published on the Zurich website.
It calls for the introduction of standardized national cybersecurity indicators.
As noted, the report relies on reliable quantitative data to improve standards and best practices. Although organizations such as ENISA and CISA set frameworks at the corporate level, national indicators for policy-making are virtually non-existent.
Zurich’s new report presents six key indicators and an institutional framework for governments to help clarify national cyber risks, strengthen resilience, and ensure informed policy decisions. Specifically, the creation of National Cyber Statistics Offices—specialized agencies to collect these metrics—will ensure consistent incident reporting, threat and resilience tracking, publication of key analyses, and assessment of security regulation effectiveness. These offices could also support a supranational body for aggregating results, enabling deeper global comparison and understanding of evolving threats.
