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
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.
Global steel production from January through September 2026 totaled 1 billion 367.493 million metric tons, down 0.7% compared to the same period in 2025.
According to the World Steel Association (Worldsteel), China retained its top spot in the global rankings, producing 724.77 million metric tons of steel over the nine-month period. However, the country’s production declined by 2.9% year-over-year.
India ranked second with 129.957 million metric tons, increasing output by 5.6%. The United States ranked third with 64.945 million metric tons, which is 5.8% more than in January–September 2025.
Russia produced 49.421 million metric tons of steel, a decrease of 3.6%, while South Korea produced 48.04 million metric tons, an increase of 2.9%. Turkey’s production rose by 6.1%, to 29.777 million metric tons, while Germany’s increased by 4%, to 26.529 million metric tons.
Against this backdrop, Ukrainian steelmakers reduced steel production by 19.8% over the nine-month period, to 4.431 million metric tons. Ukraine ranked 25th among steel-producing countries.
In September, global steel production decreased by 0.2% compared to the same month last year, to 142.4 million metric tons. Production in Ukraine for the month totaled 131,000 metric tons, compared to 611,000 metric tons in September 2025.
Ukrainian steel mills produced 131,000 metric tons of steel in September 2026, which is 4.66 times less than in the same month of 2025, when production totaled 611,000 metric tons.
Compared to August 2026, steel production fell by 52.7%—from 277,000 metric tons, according to data from the World Steel Association (Worldsteel).
Amid the decline in production volumes, Ukraine dropped to 41st place in the global ranking of steel producers among 70 countries. In July, the country ranked 26th; in August, 33rd; while a year earlier, it was in 21st place.
Overall, global steel production in September 2026 fell by 0.2% compared to September 2025—to 142.4 million metric tons.
From January through September, Ukrainian steel mills produced 4.431 million metric tons of steel, which is 19.8% less than during the same period last year—5.523 million metric tons.
Global steel production over the nine-month period decreased by 0.7%, to 1.367 billion metric tons.
In 2025, Ukraine produced 7.41 million metric tons of steel, which is 2.2% less than in 2024. At the end of the year, the country ranked 21st in the global rankings.
