The Kametstal plant, part of the Metinvest mining and metallurgical group, established on the premises of the Dniprovsky Metallurgical Combine (DMK, Kamianske, Dnipropetrovsk region), earned a net profit of UAH 1 billion 345.153 million in January-September this year, while the same period in 2024 ended with a net loss of UAH 625.830 million.
According to the company’s interim report, available to the Interfax-Ukraine agency, profit in the third quarter amounted to UAH 711.232 million.
Net income for this period increased by 9% to UAH 42 billion 454.272 million.
The uncovered loss at the end of September amounted to UAH 493.835 million.
The plant ended 2024 with a loss of UAH 237.705 million, while in 2023 it amounted to UAH 912.333 million. The plant ended 2022 with a net loss of UAH 883.119 million, while in 2021 it received a net profit of UAH 120.277 million.
KAMETSTAL was established on the basis of PJSC Dniprovsky Coke Chemical Plant (DKHP) and CMK PJSC Dniprovsky Metallurgical Plant (DMK). The average number of full-time employees in the third quarter of 2025 was 7,226.
According to the NDU for the third quarter of 2025, Metinvest B.V. (Netherlands) owns 100% of the company’s shares.
The authorized capital of PJSC Kametstal is UAH 170.584 million.
The Central, Ingulets, and Northern Mining and Processing Plants (M&P) of Metinvest Mining and Metallurgical Group, transformed into United Mining and Processing Plant, paid UAH 3.8 billion in taxes in January-September 2025, which is 19.1% less than in the same period last year (UAH 4.7 billion).
According to the company’s press release, the largest deductions of the United Mining and Processing Complex for the first nine months of 2025 were subsoil use fees, unified social security contributions, and personal income tax. Land fees and military levies also accounted for a significant share of deductions.
“Since the start of the full-scale war, Metinvest’s mining and processing enterprises have remained among the largest taxpayers. We are working in new conditions, focusing on daily changes, but we are not giving up on our long-term prospects, because we are still committed to achieving all of our strategic goals. Metinvest continues to systematically support Kryvyi Rih and Ukraine, implementing the most important social and infrastructure projects in communities and helping the front,” said OGZK CEO Igor Tonev.
As reported, in the first nine months of 2025, OGZK’s total iron ore concentrate production decreased by 4% compared to the same period last year to 11.713 million tonnes, as operations at the Ingulets open pit were suspended in July 2024. This was partially offset by increased production at the Hannivskyi quarry. Production of commercial iron ore products remained almost unchanged on an annualized basis at 11.456 million tons, taking into account a 6% decline in iron ore concentrate production and a 9% increase in pellet production.
Ingulets GOK suspended operations in the summer of 2024.
The group’s mining and processing plants increased their tax payments 2.6 times to UAH 5.7 billion in 2024.
Earlier, Metinvest’s CFO Yulia Dankova, explaining the group’s financial performance, stated that the dynamics were not positive mainly due to the shutdown of production facilities, particularly in Pokrovsk.
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.
Metinvest B.V. (Netherlands), the parent company of an international vertically integrated mining and metallurgical group of companies, has paid another coupon on its 2029 Eurobonds and continues to fulfill its debt obligations, including to Eurobond holders, despite the war in Ukraine.
“We can confirm that the coupon was paid on time,” Andriy Burlakov, head of the Metinvest Group’s press service, told Interfax-Ukraine in response to a request.
The coupon payment date for Eurobonds-2029 is November 17.
“The coupon payment dates are May 17 and November 17,” according to the information on the 2029 bonds.
The coupon rate is 7.750% per annum.
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 company are SCM Group (71.24%) and Smart Holding (23.76%). Metinvest Holding LLC is the managing company of the Metinvest Group.
Metinvest paid the coupon on Eurobonds-2029 despite the war
Metinvest, Ukraine’s largest mining and metallurgical holding company, reduced steel production by 10% year-on-year to 1.455 million tons in January-September this year.
According to a press release from the parent company Metinvest B.V. on the results of its operating activities for Q3 2025, the decline in production was due to the full-scale military invasion of Ukraine.
As a result, the capacity utilization rate of the group’s plants in Ukraine was affected by factors related to security, personnel, electricity, logistics, and the economy. In 2025, Russia intensified its large-scale attacks on
Ukraine’s energy and gas infrastructure. In October, after the reporting period, this led to damage to the power supply systems at two of the group’s facilities in the mining and metallurgical segments, resulting in a decline in production.
In the third quarter of 2025, pig iron and crude steel production at Kamet Steel increased by 41% and 30% compared to the previous quarter, respectively, to 497 thousand tons and 546 thousand tons. The growth was due to the overhaul of blast furnace No. 9 in April-June 2025 and its higher productivity in the reporting period.
In the first nine months of 2025, pig iron production decreased by 6% compared to the same period last year to 1.285 million tons, mainly due to the overhaul of blast furnace No. 9 at Kamet Steel. As a result, crude steel production decreased by 10% compared to the same period last year to 1.455 million tons.
Pig iron and steel production in the third quarter of 2025 doubled compared to the previous quarter to 267 thousand tons, due to an increase in hot metal production. In the first nine months of 2025, production of semi-finished products fell by 9% year-on-year to 568,000 tons due to a decline in steel production and an increase in domestic consumption of billets at subsequent stages of production.
In the third quarter of 2025, finished product production decreased by 6% year-on-year to 591 thousand tons due to scheduled maintenance of rolling mills in Italy and Bulgaria in August. In particular, flat product production decreased by 8% to 265 thousand tons, and long product production decreased by 4% to 326 thousand tons.
In the first nine months of 2025, finished product production increased by 8% year-on-year to 1.818 million tons. In particular, flat steel production increased by 12% to 817,000 tons due to the resumption of hot-rolled coil production at the Ferriera Valsider plant (Italy), while long steel production increased by 5% to 1.001 million tons.
In the third quarter of 2025, coke production increased by 4% compared to the previous quarter to 287,000 tons after the launch of additional chambers of coke oven battery No. 2 at the Zaporizhzhya Coke Chemical Plant in June 2025. In the first nine months of 2025, coke production decreased by 3% to 821,000 tons due to the shutdown of coke oven battery No. 1 at Kametstal.
At the same time, in the third quarter of 2025, total iron ore concentrate production amounted to 3.989 million tons, which remained almost unchanged compared to the previous quarter, while commercial iron ore production increased by 4% to 3.928 million tons. Iron ore pellet production increased by 7% to 1. million tons due to the overhaul of the roasting machine at the Central Iron Ore Plant in the previous quarter, while iron ore concentrate production remained almost unchanged at 2.226 million tons.
In the first nine months of 2025, total iron ore concentrate production decreased by 4% compared to the same period last year to 11.713 million tons, as operations at the Ingulets open pit were suspended in July 2024. This was partially offset by increased production at the Hannivskyi open pit. Commercial iron ore production remained almost unchanged year-on-year at 11.456 million tonnes, including a 6% decline in iron ore concentrate production and a 9% increase in pellet production.
In December 2024, operations at the Pokrovskoye Coal production site were suspended due to intensified hostilities and developments on the front line. Subsequently, due to power shortages and a further deterioration in the security situation, both the mine and the enrichment plant suspended operations.
In addition, the group is considering the sale of United Coal (US) and its exclusion from its financial statements for the first half of 2025. This is due to the negative impact of geological difficulties, depletion of coal reserves, higher logistics costs, and a steady decline in coking coal prices.
As reported, Metinvest increased steel production by 4% in 2024 compared to 2024, to 2.099 million tons, while total iron ore production increased by 42%, to 15.733 million tons. At the same time, commercial iron ore concentrate production grew by 58% to 14.826 million tons. Coke output in 2024 decreased by 10% to 1.122 million tons. Metinvest increased its total production of pellets by 14% to 6.022 million tons, but reduced its total output of coking coal concentrate by 22% to 4.277 million tons.
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.
The mining and metallurgical group Metinvest intends to acquire a pipe plant in Romania (Tubular Products Iasi S.A., AMTP Iasi) from ArcelorMittal, which is controlled by ArcelorMittal S.A. (Luxembourg). According to a preliminary notification from the European Commission on the concentration, on October 21 of this year, the EC’s Directorate-General for Competition received a notification of the proposed concentration in accordance with the Council Regulation (EU).
It is specified that the concentration will be carried out through Metinvest’s acquisition of shares in AMTP Iasi.
After preliminary consideration, the Commission considers that the transaction may fall within the scope of the Merger Regulation. However, the final decision on this matter remains with the Commission.
The Commission invites interested third parties to submit their possible observations on the proposed concentration to the Commission.
AMTP Iasi, registered in Romania, is active in the production and supply of small welded carbon steel pipes.
Metinvest is a vertically integrated group of mining and metallurgical companies. 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 United States. The main shareholders of the holding company are SCM Group (71.24%) and Smart Holding (23.76%). Metinvest Holding LLC is the management company of the Metinvest Group.
The mining and metallurgical group Metinvest plans to invest $293 million in its assets this year, while last year the total amount of investments, including joint ventures, amounted to $251 million, about 90% of which went to the development of Ukrainian enterprises. According to dsnews.ua’s article “Top 10 Successful Investor Companies in Ukraine,” Metinvest entered the top ten leading investors in Ukraine: $90 million in the first half of 2025. These investments were directed mainly at supporting technologies, maintaining production volumes, and ensuring labor safety.
As before, the funds are concentrated on critical areas: the mining segment, to ensure the production cycle, and the energy sector, to minimize blackout risks.
Despite the proximity of the front line, Metinvest continues large-scale repair and modernization works at its enterprises. In the first half of 2025, investments in repairs and equipment amounted to $28.8 million at Kametstal, $6.4 million at Zaporizhstal, $19 million at Northern GOK, and $3 million at Central GOK. The group focuses particularly on Kametstal and the mining and beneficiation plants.
At Kametstal, the first overhaul of Blast Furnace No. 9 since the start of the full-scale invasion was completed for $16 million, and equipment of one of the converters was restored. At Southern GOK, a new vacuum pump production station No. 4 is being built with a planned capacity of over 100,000 tons of concentrate per month.
A priority is the construction of a tailings thickening plant at Northern GOK. The relevant equipment will be purchased from the Finnish industrial manufacturer Metso Finland, for which Metinvest opened a credit line of EUR 23.6 million at Deutsche Bank.
The group is taking up the challenge of “greening” production processes, particularly within the EU’s environmental policy framework. From 2026, the Carbon Border Adjustment Mechanism (CBAM) should come into full effect, obliging importers to buy certificates compensating for emissions contained in goods imported to the EU. The EU may postpone CBAM for Ukraine due to the war.
At Northern GOK, one of the LURGI 552 roasting machines is being redesigned to produce improved pellets that meet EU green metallurgy requirements. Capital investments at Kametstal also support the green transition. Overall, the group estimates the green modernization of its assets at about $8 billion.
The group pays special attention to energy security. Between 2022 and 2024, it spent UAH 159.4 million on 242 diesel generators with a total capacity of 22.9 MW. Another UAH 240 million was allocated to modernize and maintain steam generation with a nominal capacity of 89 MW. At Kametstal, maneuverable gas generation has started in pilot mode.
Metinvest has major plans for developing its own generation: gas piston generators at Northern, Central GOKs and Kametstal (29 MW, $26 million), as well as solar power plants at Central GOK (23.8 MW) and Kametstal (13.3 MW) worth $18.1 million in 2025–2026.
Another important direction is investment in artificial intelligence technologies. Metinvest Digital, the group’s IT company, is responsible for R&D. Its solutions are quickly implemented in production. The AI tool ForgeCheck helps control product quality at Zaporizhstal by detecting slab defects, reducing complaints and saving electricity.
Another system, the SPAIS platform, integrates into industrial video surveillance to monitor safety compliance, helping reduce workplace violations.
According to Metinvest B.V.’s report, in the first half of 2025, capital investments decreased by 28% to $91 million compared to $127 million a year earlier. $52 million was invested in metallurgy and $38 million in mining. 79% of expenses went to maintenance (90% in the first half of 2024), the rest to strategic projects.
In 2024, capital investments decreased by 17% to $235 million from $284 million in 2023. $81 million was invested in metallurgy and $146 million in mining.
Metinvest is a vertically integrated group of mining and metallurgical companies. Its enterprises are located in Ukraine — in the Donetsk, Luhansk, Zaporizhzhia, and Dnipropetrovsk regions — as well as in European countries. The main shareholders of the holding are SCM Group (71.24%) and Smart-Holding (23.76%), which jointly manage it. Metinvest Holding LLC is the group’s management company.
