Metinvest B.V. (Netherlands), the parent company of the Metinvest mining and metallurgical group, sold 39% of its steel products on the domestic market in January-September 2025, amounting to $3.777 billion, compared to 38% in the same period of 2024, with total sales of $3.688 billion.
According to a presentation based on Metinvest B.V.’s interim report for the first nine months of 2025, published on Tuesday, sales in Europe accounted for 49% of total sales during this period (the same as in the first nine months of 2024), in North America – 7% (6%), in the MENA macro-region – 3% (5%), and in other regions – 2% (2%).
At the same time, the share of iron ore sales in Ukraine during this period amounted to 14% of total sales – $1.698 billion – compared to 25% for the same period of the previous year with a total volume of $2.170 billion. The share of IRR sales in Europe (excluding Ukraine, European CIS countries, and Turkey) was 29% (32%), in Asia (excluding the Middle East and Central Asia) – 55% (42%), and in the MENA macro-region – 2% (1%). However, the mining segment’s revenues do not include United Coal’s results for either the first nine months of 2024 or the first nine months of 2025.
The presentation notes that sales in the metallurgical sector grew by 2% year-on-year, mainly due to higher sales volumes of pig iron (up 88%) and flat products (up 12%). These trends reflect an increase in both own and resale operations. The segment’s performance was also supported by higher shipments of own-produced long products (up 4%). Average steel sales prices for the first nine months of 2025 declined year-on-year in line with global trends, while finished steel prices in the third quarter of 2025 recovered compared to the previous quarter.
Ukraine and Europe remained key markets, accounting for 39% and 49% of the metallurgical sector’s total revenue, respectively.
Sales in the mining sector decreased by 7% year-on-year, mainly due to the suspension of operations at Pokrovskvuhillya and a 6% year-on-year decline in iron ore concentrate resales. Iron ore pellet shipments increased by 6% amid growth in production and stronger demand from key customers in neighboring markets. The Black Sea maritime corridor continued to support sales of iron ore products to Asia, increasing the region’s share to 55% (up 13 percentage points). Although average iron ore sales prices were in line with global benchmarks, FCA prices for concentrate increased due to improved logistics efficiency.
Sales in hard currency (US dollars, US dollar-pegged currencies, euros, and pounds sterling) accounted for 81% in the first nine months of 2025 (down 5 p.p. year-on-year).
Iron ore and steelmaking assets operated relatively steadily during the period in 2025, with no significant changes observed despite various operational difficulties caused by the war. Iron ore assets operated at an average of about 50% of pre-war capacity. The group secured alternative sources of coking coal for steel production.
After the overhaul of blast furnace (BF) No. 9 at the Kametstal plant in the first half of the year, pig iron production was restarted and restored to its original design capacity. Zaporizhstal, in turn, operated three of its four furnaces. Since the end of 2025, intensified Russian attacks targeting Ukraine’s energy infrastructure have led to significant electricity shortages and increased electricity rationing across the country. These disruptions affected the group’s assets and joint ventures, leading to a decline in production levels. Operations at Pokrovskvuhillya remain suspended.
In addition, Metinvest’s assets outside Ukraine reportedly continued to operate as separate business units while providing support for the group’s overall activities. In particular, operating activity at the group’s Italian rolling assets fluctuated depending on market conditions and the availability of profitable orders in Europe. Ferriera Valsider resumed hot-rolled coil production in the first half of 2025. The group’s plants in Bulgaria and the UK showed relatively stable results.
In December 2025, Metinvest acquired a Romanian welded pipe plant in Iasi with an annual capacity of 240,000 tonnes. This ensured stable sales for Zaporizhstal’s hot-rolled coils and increased Metinvest’s presence in the EU in the higher value-added steel products segment. The Group is in the final stages of selling United Coal (USA). Metinvest’s trading divisions, headquartered in Switzerland and Poland, continued to support the Group in generating revenue.
Metinvest is a vertically integrated group of mining and metallurgical enterprises. Its enterprises are located in Ukraine – in the Donetsk, Luhansk, Zaporizhia, and Dnipropetrovsk regions – as well as in the European Union, the United Kingdom, and the US. 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.
In January-September of this year, Ukrainian metallurgical enterprises reduced their revenues from ferrous metal exports by 0.3% compared to the same period last year, to $2 billion 392.582 million.
According to statistics released by the State Customs Service (SCS) on Wednesday, ferrous metals accounted for 8.09% of total export revenues during this period, compared to 7.78% in January-September 2024.
In September, export revenues amounted to $308.547 million, compared to $267.907 million in the previous month.
At the same time, Ukraine increased imports of similar products by 15.7% in January-September 2025, to $1 billion 297.497 million. In September, products worth $180.271 million were imported.
In addition, in January-September 2025, Ukraine reduced exports of metal products by 4.1% to $692.308 million. In September, exports amounted to $71.107 million.
Imports of metal products during this period increased by 14.5% to $900.256 million. In September, $120.571 million worth of these products were imported.
As reported, in 2024, Ukrainian metal companies increased their revenues from ferrous metal exports by 16.9% compared to the previous year, to $3 billion 96.343 million. At the same time, Ukraine increased imports of similar products by 13.1% over the past year, to $1 billion 478.814 million.
In 2023, Ukraine reduced its revenues from ferrous metal exports by 41.6% compared to 2022, to $2 billion 647.72 million, with ferrous metals accounting for 7.3% of total revenues from goods exports during this period, while in 2022, the share was 10.3%. At the same time, Ukraine increased imports of similar products by 37% in 2023, to $1 billion 307.05 million.
In addition, in 2023, Ukraine reduced exports of metal products by 16.6% compared to 2022, to $877.92 million. At the same time, imports of metal products increased by 40.3%, to $902.57 million.
Metinvest Mining and Metallurgical Group sells 30% of its metal products on the domestic market in Ukraine and supplies 70% to foreign markets, according to the company’s chief operating officer (COO) Alexander Mironenko in an interview with the Interfax-Ukraine news agency.
“About 30% of metal companies’ products are sold on the domestic market, while 70% are sold on foreign markets. Most of the products are exported to European countries that share a border with Ukraine or to Southeast Europe, which is where the majority of our rolled metal products are shipped. We also supply rolled products (mainly coil) to the Middle East and Asian countries. A small portion of pig iron is sent to the US, and some is shipped to China through ports,” the agency’s interlocutor explained.
Regarding iron ore products, he noted that China is the main consumer of Metinvest’s iron ore concentrate and pellets. At the same time, approximately 60% of iron ore concentrate is shipped to China through Ukrainian ports.
The company’s iron ore raw materials are also consumed by Northern European countries, with volumes there increasing over the past 1.5 years following a significant improvement in the quality of Metinvest’s iron ore pellets.
“We ship our iron ore products to Northern European countries in order to conquer a new market there,” said Mironenko.
The top manager added that Northern GOK has almost reached its pre-war levels: it has two quarries in operation and a fully loaded enrichment plant. Both roasting machines, LURGI 552A and LURGI 552B, are involved in pellet production, operating alternately depending on the pellet production tasks.
According to him, Southern GOK has also now reached pre-war production volumes. The Central GOK is operating below pre-war volumes: there are two quarries where mining has been suspended, but the enrichment plant is operating at almost 80% capacity, receiving ore from other quarries for enrichment.
He added that Ingulets Mining and Processing Plant is currently at a standstill: “There is a small amount of ore mining and concentrate production for technological purposes – volumes are up to 40,000 tons per month, which is a kind of maintenance mode.”
As reported, in early August this year, the United Mining and Processing Plant (UMPP) of the Metinvest Group, comprising the Central, Ingulets, and Northern Mining and Processing Plants, brought the Artemivsk (Central Mining and Processing Plant), Hannivsk (Northern Mining and Processing Plant), and Kolachevsky (Central Mining and Processing Plant) quarries and mines up to their design capacity.
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 the European Union, the United Kingdom, and the United States. 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.
In January-September this year, Ukrainian enterprises reduced their consumption of rolled steel by 6.92% year-on-year to 2.425 million tons.
According to a press release from Ukrmetallurgprom, 927 thousand tons, or 38.23% of the domestic rolled metal consumption market, were imported during this period.
According to Ukrmetallurgprom, in January-September 2014, steel companies produced 4.821 million tons of rolled metal products (122.7% compared to the same period in 2023). According to the State Customs Service of Ukraine, about 3.323 million tons, or 68.9%, were exported. In January-September 2013, the share of exports amounted to 54.5% (2.142 million tons against a total rolled steel production of 3.929 million tons).
The share of semi-finished products in export deliveries in January-September 2024 amounted to 46.98%, which is almost the same as in January-September 2023 (45.10%). The share of flat products in export deliveries in 9M2024 is slightly higher than in January-September 2023 (39.03% and 36.65%, respectively). The share of long products is significantly lower than in January-September 2023 (13.99% in 2024 vs. 18.25% in 2023).
“In the first nine months of 2024, the domestic market capacity amounted to 2.425 million tons of rolled steel, of which 927 thousand tons, or 38.23%, were imported. In January-September 2023, the domestic market capacity amounted to 2 million 605.4 thousand tons, of which 818.4 thousand tons, or 31.41%, were imported. Thus, in the first nine months of 2024, there was a decrease in the domestic market capacity by 6.92% compared to the first nine months of 2023, with a simultaneous increase in the share of the import component by 6.82%,” the press release states.
The structure of imports in January-September 2024 is still characterized by a significant dominance of flat products over long products (79.36% and 19.19%, respectively). In January-September 2023, the dominance of flat products over long products was also significant (80.78% and 18.29%, respectively).
According to the State Customs Service, the main export markets for Ukrainian rolled steel products in January-September 2024 were the European Union (69.6%), Africa (11.7%) and the rest of Europe (7.6%).
Other European countries ranked first among metallurgical importers in the period under review (49.6%), followed by the EU-27 (28.2%), and Asia (20.6%).
As reported, Ukraine’s rolled steel market increased 2.19 times in 2023 compared to 2022, to 3 million 505.6 thousand tons. The company imported 1 million 118.6 thousand tons, or 31.91% of the domestic market for these products.
Ukrainian metallurgical enterprises in January-June this year reduced production of general rolled products, according to recent data, by 58.4% compared to the same period last year, to 4.018 million tonnes.
According to the Ukrmetalurgprom association, for the first six months of the year, steel production decreased by 58.2%, to 4.539 million tonnes, and cast iron by 57.9%, to 4.538 million tonnes.
Earlier, Ukrmetalurgprom reported that Ukraine in January-May of this year reduced production of general rolled products by 52.7%, to 3.789 million tonnes, steel by 52.8%, to 4.244 million tonnes, and cast iron by 53.3%, to 4.154 million tonnes.
In the first quarter of this year, the country reduced production of general rolled products by 34.2%, to 3.116 million tonnes, steel by 31.2%, to 3.641 million tonnes, and cast iron by 34.1%, to 3.499 million tonnes.
It was also reported that Ukraine, as of February 24, 2022 (the beginning of Russian military aggression), over less than two months of this year, reduced production of general rolled products by 9.2% compared to the same period last year, to 2.859 million tonnes, steel 8.2%, to 3.225 million tonnes, and cast iron by 10.7%, to 3.132 million tonnes.
Then it was explained that in connection with Russian military aggression, all the country’s metal enterprises were stopped and transferred to the “hot conservation” mode.
Ukrainian metallurgical enterprises in January-May of this year reduced the production of general rolled products, according to operational data, by 52.7% compared to the same period last year, to 3.789 million tonnes.
As reported in the information of the association Ukrmetallurgprom on Saturday, for the first five months of the year, steel production fell by 52.8%, to 4.244 million tonnes, pig iron – by 53.3%, to 4.154 million tonnes.
Earlier, Ukrmetallurgprom reported that Ukraine in the first quarter of this year reduced the production of general rolled products by 34.2% compared to the same period last year, to 3.116 million tonnes, steel by 31.2%, to 3.641 million tonnes, and pig iron by 34.1%, to 3.499 million tonnes.
