Metinvest Group’s network of metal service centers in Ukraine—Metinvest-SMZ LLC—increased its net profit by 71% in January–September of this year compared to the same period last year, reaching 1 billion 49.273 million UAH.
According to the company’s interim report, which is available to the Interfax-Ukraine news agency, third-quarter profit totaled 372.618 million UAH.
Revenue from ordinary operations for this period rose by 7% to 33.942977 billion UAH.
Retained earnings as of the end of September totaled 3 billion 789.679 million UAH.
As previously reported, Metinvest-SMZ increased its net profit by 40.2% in January–March compared to the same period last year, reaching 57.587 million UAH. Revenue from ordinary operations for this period decreased by 5.5% to 8.691587 billion UAH.
In the first half of this year, Metinvest-SMZ increased its net profit by 83.1% compared to the same period last year—to 676.655 million UAH, while revenue grew by 8.6%—to 21 billion 478.404 million UAH.
According to the 2025 report, the company’s net profit decreased by 27.3% compared to 2024—to 349.190 million UAH from 480.537 million UAH. At the same time, revenue from ordinary operations increased by 12.6%—to 42,626,492,000 UAH from 37,852,123,000 UAH. In 2024, the LLC reported a net profit of 480,537,000 UAH (compared to 881,551,000 UAH in 2023).
Metinvest-SMZ LLC is the largest network of metal service centers in Ukraine and has been operating in the market since 2003. Its metal service centers are located in key industrial cities across the country, such as Kyiv, Kharkiv, Dnipro, Zaporizhzhia, Lviv, Odesa, and others.
The LLC’s authorized capital is 17.205 million UAH.
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 European countries. The holding company’s major shareholders are the SCM Group (71.24%) and Smart Holding (23.76%). Metinvest
Holding LLC is the management company of the Metinvest Group.
According to Experts.news, metallurgical production in Ukraine from January through September 2026 fell by 18.2% compared to the same period last year, while production volumes in the electricity, gas, steam, and air conditioning supply sector fell by 16.7%, the State Statistics Service of Ukraine (Derzhstat) reported on November 3.
According to the published data, a significant decline was also recorded in the production of coke and refined petroleum products—by 18.1%.
At the same time, the mining and quarrying sector showed a much smaller decline—by 0.2% compared to January–September 2025.
The negative trend in key industrial sectors is occurring against the backdrop of Russian attacks on industrial and energy infrastructure, energy supply restrictions, and the shutdown of certain large manufacturing enterprises.
In particular, according to information from the “Ukrmetallurgprom” association of enterprises, released on October 9, Ukrainian metallurgical enterprises reduced steel production by 19.8% in January–September 2026 compared to the same period last year—to 4.431 million metric tons.
Pig iron production during this period decreased by 22.9%, to 4.463 million metric tons, while total rolled steel production fell by 23%, to 3.729 million metric tons.
A particularly significant decline was observed in September. According to preliminary data from the industry association, only 131,000 metric tons of steel were produced during the month, compared to 277,000 metric tons in August—a 52.7% decrease.
Pig iron output in September totaled 113,000 metric tons, compared to 257,100 metric tons in August, while rolled steel output stood at 137,000 metric tons, compared to 269,500 metric tons the previous month.
Thus, in just one month, steel smelting, pig iron production, and rolled steel output all fell by approximately half.
The figures provided by “Ukrmetallurgprom” reflect the output of specific types of metallurgical products in metric tons, whereas the State Statistics Service calculates the industrial production index based on a broader range of products within the relevant economic sector.
The challenges facing the metallurgical industry have implications for related sectors of the Ukrainian economy, including iron ore mining, rail transportation, the energy sector, coke production, and the scrap metal market.
The decline in steel production also limits the industry’s ability to export metal products and generate foreign exchange earnings from its operations.
Overall, industrial production in Ukraine fell by 1.9% over the first nine months of 2026, and in September, the decline accelerated to 9.2% year-over-year.
As previously reported, in 2025 the overall industrial production index fell by 1.7%, whereas in 2024 it rose by 4.7%.
Data from the State Statistics Service do not include temporarily occupied territories or parts of territories where hostilities are ongoing or have taken place.
Sources: State Statistics Service of Ukraine, data for January–September 2026; “Ukrmetallurgprom,” metallurgical industry performance results as of October 9, 2026.
PJSC “Dniprovsky Metallurgical Plant” (DMZ), part of the DCH Steel division of Oleksandr Yaroslavsky’s DCH Group, reduced its net loss by 4.8 times in January–September of this year compared to the same period last year—to 97.239 million UAH from 467.490 million UAH.
According to the company’s interim report, available to the Interfax-Ukraine news agency, revenue from ordinary operations during this period fell by a factor of 2.5—to 606.339 million UAH.
The accumulated loss as of the end of September 2026 stood at 836.770 million UAH.
As previously reported, in the first quarter of 2026, DMZ reduced its loss by 78.3% compared to the same period in 2025—to 29.031 million UAH from 133.943 million UAH, while income from ordinary operations fell nearly sevenfold—to 131.165 million UAH from 886.267 million UAH.
In the first half of the year, DMZ reduced its loss by 75.9% compared to the same period last year—to 63.8 million UAH, while revenue fell by a factor of 3.6—to 374.935 million UAH.
DMZ’s loss increased 5.5-fold compared to 2024—to 1,225.795 million UAH, while revenue from ordinary activities fell 3.2-fold—to 1,664.980 million UAH.
DMZ reported a net loss of 222.117 million UAH for 2024, compared to a net profit of 504.591 million UAH in 2023. In 2022, the company reported a net profit of 4.225 million UAH, compared to 1 billion 725.157 million UAH in 2021. The year 2020 ended with a net loss of 394.091 million UAH.
DMZ specializes in the production of steel, cast iron, rolled steel, and products made from them. The plant has a full metallurgical production cycle: a blast furnace shop, an oxygen converter shop, coke and chemical production, and rolling production, which consists of two section rolling mills (Mill 800 and Mill 550).
On March 1, 2018, the DCH Group signed an agreement with Evraz to purchase the Dnipro Metallurgical Plant.
According to data from the National Securities and Stock Market Commission (NSSMC) for August, as of November 2, 2026, Drampisco Limited (Cyprus) owns 97.7346% of DMZ’s shares.
According to the 2025 report, the ultimate beneficial owner (controlling shareholder) of PJSC “Dniprovsky Metallurgical Plant” is Oleksandr Yaroslavskyi, who holds Ukrainian and British citizenship. Type of beneficial ownership: indirect controlling influence; percentage of share capital (indirect influence): 87.96%.
The PrJSC’s share capital is 574.994 million UAH, and the par value of a share is 0.25 UAH.
DCH, DMZ, LOSS, METALLURGY, REVENUE
The Kametstal plant, part of the Metinvest Mining and Metallurgical Group and operating at the facilities of the Dniprovsky Metallurgical Combine (DMC, Kamyanske, Dnipropetrovsk Oblast), reported a net loss of 792.933 million UAH for January–September of this year, whereas in the same period last year, it posted a profit of 1 billion 345.153 million UAH.
According to the company’s interim report, available to the Interfax-Ukraine news agency, the loss in the third quarter amounted to 350.683 million UAH.
Revenue from ordinary operations for this period increased by 11.8% to 47,444.227 million UAH.
The accumulated loss as of the end of September stood at 2,341.094 million UAH.
The report states that on the night of September 5, 2026, Russia launched a ballistic strike against the plant. Five people were killed and four employees were injured as a result of the attack. The attack damaged the plant’s sinter and blast furnace production facilities, as well as its energy and transportation infrastructure. The plant was forced to completely halt all production processes. Restoration work is currently underway at the facility. Following an inspection of the equipment and infrastructure, an assessment of the extent of the damage was conducted, and further steps toward resuming production were determined. The timeline for restarting production processes and resuming production is currently unknown.
Against the backdrop of shelling of industrial facilities and the blockade of Black Sea ports, a 30% increase in freight rates by Ukrzaliznytsia, and a worsening situation in the European market, the company is forced to make difficult decisions. These include a significant reduction in administrative costs, the optimization of business processes, and a reduction in administrative and management staff—primarily in those areas of operation where work has been substantially curtailed. This is a necessary step to preserve production and thousands of jobs. The company will do everything possible to support the laid-off employees. They will receive severance pay and will be offered available positions in the production divisions.
The challenges Ukraine faces due to the war are hindering the stability and further development of its economy and financial sector. Consequently, the Company’s operating environment remains challenging. The duration and consequences of the war cannot be reliably predicted.
As reported, in the first quarter of 2026, the plant’s net loss increased 13.3-fold compared to the same period last year—to 1 billion 421.376 million UAH from 107.083 million UAH, while revenue from ordinary operations for this period rose by 17.7%—to 17,356.948 million UAH.
In the first half of this year, Kametstal reported a net loss of 137.457 million UAH, whereas in the same period last year it posted a profit of 633.921 million UAH; revenue rose by 38.2% to 36.764577 billion UAH.
In 2025, the plant posted a net profit of 961.340 million UAH, whereas it ended 2024 with a net loss of 237.705 million UAH. At the same time, revenue from ordinary operations for the past year increased by 12.2% to 58 billion 780.443 million UAH.
The plant ended 2024 with a loss of 237.705 million UAH, whereas in 2023 the loss amounted to 912.333 million UAH. The plant ended 2022 with a net loss of 883.119 million UAH, whereas in 2021 it reported a net profit of 120.277 million UAH.
“Kametstal” was established on the basis of PrJSC “Dniprovsky Coke and Chemical Plant” (DKKhZ) and the Central Metallurgical Complex of PJSC “Dniprovsky Metallurgical Combine” (DMK).
According to data from the National State Register as of October 23, 2026, Metinvest B.V. (Netherlands) owns 100% of the company’s shares.
The authorized capital of PJSC “Kametstal” is 170.584 million UAH.
Ukraine’s Ministry of Economy, Environment and Agriculture has proposed introducing an experimental mechanism for allocating ferrous scrap metal export quotas through electronic auctions in the Prozorro.Sale system. The initiative comes amid disputes between metallurgical enterprises and scrap collection companies over maintaining export restrictions, the Experts Club information and analytical center reports.
The corresponding draft resolution of the Cabinet of Ministers was published on October 30, 2026, for public consultation. The document provides for the allocation of quotas for exports of ferrous metal scrap and waste under Ukrainian customs classification code 7204 through electronic auctions. Auction winners will receive the right to use the corresponding quota volume and obtain an export license.
According to the Economy Ministry, the new mechanism is intended to ensure equal access to quotas for enterprises of different sizes, prevent excessive concentration among individual market participants and minimize anti-competitive practices. The proposal also provides for the redistribution of unused quota volumes.
However, the draft does not specify the total export quota. Therefore, its publication does not automatically mean the removal of existing restrictions or the resumption of unrestricted scrap metal exports. Comments on the document will be accepted for one month.
A zero quota on ferrous scrap metal exports has been in effect in Ukraine since January 1, 2026. It was introduced to provide the domestic metallurgical industry with strategic raw materials. At the same time, the government established certain opportunities for licensed exports by companies that won designated electronic auctions in December 2025.
The Ukrainian Association of Secondary Metals, UAVtormet, advocates revising the restrictions. Its president, Volodymyr Bubley, said during a September 16 press conference at the Interfax-Ukraine news agency that the effective export ban had resulted in declining scrap collection volumes, employee layoffs and the accumulation of unsold raw materials.
Industry representatives propose restoring controlled exports to the European Union with an annual quota of up to 200,000 tonnes. According to their figures, domestic scrap prices have fallen significantly: Ukrzaliznytsia sold scrap for approximately UAH 5,500 per tonne in 2026, compared with an average of UAH 8,500 in 2025.
According to UAVtormet, Ukraine exported only 13,860 tonnes of scrap in January–August 2026, compared with 283,060 tonnes during the corresponding period of 2025. Exports fell by 95.1%, while foreign currency earnings decreased from $85.4 million to $3.93 million.
Meanwhile, Ukraine produced 4.3 million tonnes of steel during the first eight months of 2026. Scrap collection amounted to 971,700 tonnes, while deliveries to metallurgical enterprises reached 925,400 tonnes.
Large metallurgical companies take the opposite position. The European Business Association has called on the government to maintain the zero export quota in 2027, warning of the risk of raw material shortages. As an alternative, the association proposes an export duty of EUR 180 per tonne.
The Ukrmetalurgprom association of metallurgical enterprises also insists that the actual balance between scrap collection and consumption should be determined before export restrictions are reconsidered.
Thus, the final decision on resuming exports will depend on the government, which must balance the interests of the metallurgical industry, scrap collection businesses and the broader economy amid the ongoing war.
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.
