Metinvest, Ukraine’s largest mining and metallurgical holding company, reported a 7% decrease in steel production for January–March of this year compared to the same period last year—down to 454,000 tons from 488,000 tons— but maintained pig iron production at 438,000 tons (436,000 tons in Q1 2025).
According to a press release from the parent company Metinvest B.V. on Thursday regarding operating results for the first quarter of 2026, due to the start of the Russian Federation’s large-scale military aggression against Ukraine on February 24, 2022, the capacity utilization of the group’s Ukrainian enterprises continues to be affected by security factors, personnel availability, power supply, as well as logistical and economic factors.
It is noted that in January–March 2026, pig iron and steel production at Kametstal decreased by 12% and 20%, respectively, compared to the previous quarter—to 438,000 tons and 454,000 tons, due to unstable power supply in January–February 2026.
In addition, it is reported that in the first quarter of 2026, production of commercial semi-finished products amounted to 185,000 tons, which is 32% less than in the previous quarter due to a decrease in the output of commercial billets against the backdrop of lower steel production volumes and the prioritization of its consumption in subsequent production stages; at the same time, this was partially offset by a 2.2-fold increase in commercial pig iron production.
However, production of commercial semi-finished products was 7% higher than in the same period of 2025, thanks to a 96% increase in commercial pig iron production.
Overall, in the first quarter of 2026, finished product production increased by 8% compared to the previous quarter and by 11% compared to the same period in 2025—reaching 660,000 tons. In particular, flat-rolled steel production amounted to 292,000 tons, matching the previous quarter’s level and representing a 12% increase compared to the same period last year, driven by the resumption of hot-rolled coil production at Ferriera Valsider and an increase in orders for hot-rolled thick plate.
Long product production amounted to 349,000 tons, an 8% increase compared to the previous quarter and a 4% increase compared to the same period last year, thanks to increased volumes at Kametstal and Promet Steel (Bulgaria); Pipe production amounted to 19,000 tons following the acquisition of the Tubular Iasi pipe plant (Romania) in December 2025.
In the first quarter of 2026, coke output decreased by 8% compared to the previous quarter and by 2% compared to the same period in 2025, to 256,000 tons, due to delays in coal deliveries amid unstable power supply.
In the first quarter, total iron ore concentrate production decreased by 2% compared to the previous quarter, to 3.882 million tons. Output of commercial iron ore products fell by 7%—to 3.521 million tons—due to unstable power supply during the reporting period. Specifically, iron ore concentrate production fell by 9% to 2.225 million tons; iron ore pellet production decreased by 3% to 1.296 million tons.
In the first quarter of 2026, total iron ore concentrate output decreased by 2% compared to the previous quarter, to 3.882 million tons. Commercial iron ore production decreased by 7% to 3.521 million tons due to unstable power supply during the reporting period. Specifically, iron ore concentrate production fell by 9% to 2.225 million tons; iron ore pellet production decreased by 3% to 1.296 million tons.
In the first quarter of this year, total iron ore concentrate production increased by 2% compared to the same period last year, while commercial iron ore output decreased by 6%. Production of iron ore pellets decreased by 24% due to the temporary shutdown of one of the roasting machines caused by damage to the power supply systems. As a result, the volume of marketable iron ore concentrate output increased by 8%.
As reported, Metinvest increased steel production by 4% in January–March 2025, to 488,000 tons. Total iron ore production for this period decreased by 15% compared to January–March 2024 but increased by 11% compared to the previous quarter, reaching 3.761 million tons. At the same time, production of commercial iron ore concentrate (IOC) decreased by 27% compared to the first quarter of 2024 and increased by 7% compared to the previous quarter, reaching 2.064 million tons. Overall, total IOC production in the first quarter of 2025 decreased by 21% compared to the first quarter of 2024 and increased by 17% compared to the previous quarter, reaching 3.815 million tons.
At the same time, Metinvest increased its production of pellet feed by 7% compared to the first quarter of 2024 and by 9% compared to the fourth quarter of 2024, reaching 1.697 million tons, but reduced its total output of coking coal concentrate by 52% compared to the first quarter of 2024 and by 51% compared to the previous quarter, to 518,000 tons. Coke production in January–March 2025 decreased by 8% compared to the first quarter of 2024 and by 6% compared to the fourth quarter of 2024, to 260,000 tons.
In the first quarter of 2025, Kametstal’s pig iron production amounted to 436,000 tons, production of commercial semi-finished products to 173,000 tons, and production of finished products to 597,000 tons. Specifically, production of flat products was 261,000 tons, and long products reached 336,000 tons.
It was also reported that in 2025, Metinvest reduced steel production by 4% compared to the previous year—to 2.018 million tons—and pig iron production by 2%, to 1.782 million tons. In 2025, output of commercial semi-finished products decreased by 3% compared to the previous year—to 839,000 tons. At the same time, commercial pig iron output doubled to 84,000 tons.
In 2025, finished product output increased by 13% compared to 2024—to 2.429 million tons. Specifically, flat-rolled steel production increased by 20%—to 1.107 million tons, while long-rolled steel production rose by 7%—to 1.322 million tons. Coke production decreased by 2% to 1.100 million tons.
In 2025, total iron ore concentrate production was comparable to the previous year’s volume and amounted to 15.695 million tons.
Metinvest is a vertically integrated group of mining and metallurgical enterprises. Its facilities are located in Ukraine—in the Donetsk, Luhansk, Zaporizhzhia, and Dnipropetrovsk regions—as well as in European Union countries, the United Kingdom, and the United States. The holding’s main shareholders are the SCM Group (71.24%) and Smart Holding (23.76%). Metinvest Holding LLC is the management company of the Metinvest Group.
PJSC Zaporizhkox, one of Ukraine’s largest producers of coke and coke-chemical products and a member of the Metinvest Group, maintained blast furnace coke production in January–April of this year at the same level as the first four months of last year—281,800 tons.
According to the company, 75,000 tons of coke were produced in April, compared to 77,500 tons in the previous month.
As reported, Zaporizhkox increased its output by 2.7% in 2025 compared to 2024—to 898,300 tons, while in 2024, output increased by 2.1% to 874,700 tons from 856,800 tons in 2023.
Zaporizhkox possesses a full technological cycle for the processing of coke-chemical products.
Metinvest is a vertically integrated mining group. Its main shareholders are the 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, including its associated companies and joint ventures, paid UAH 4.3 billion to budgets at all levels in Ukraine in January-March of this year, compared to UAH 4.4 billion for the same period in 2025.
According to the company’s press release on Monday, the top three categories by volume of payments were subsoil use fees, amounting to 1.2 billion UAH; the unified social contribution, totaling 823 million UAH; and 727 million UAH in personal income tax.
In addition, Metinvest’s Ukrainian enterprises paid UAH 351 million in corporate income tax, UAH 328 million in land use fees, UAH 331 million in value-added tax, and UAH 207 million in military tax during January–March 2026. At the same time, the environmental tax increased by 15% compared to the first quarter of 2025, reaching UAH 190 million.
As reported, in 2025, Metinvest paid UAH 18.7 billion in taxes and levies to budgets at all levels in Ukraine. In total, over more than four years of full-scale invasion, including the first quarter of 2026, the group has contributed approximately UAH 78 billion to support the country’s economy.
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 holding’s main shareholders are the SCM Group (71.24%) and Smart Holding (23.76%). Metinvest Holding LLC is the management company of the Metinvest Group.
Metinvest B.V. (Netherlands), the parent company of the Metinvest mining and metallurgical group, has fully repaid $428 million in Eurobonds bearing an 8.5% annual interest rate, which matured on April 23, 2026.
“The Group has successfully completed the redemption of the 2026 bonds, marking another important milestone for Metinvest amid the war. The redemption was carried out using internal cash flow, specifically through the optimization of working capital,” Metinvest Group CEO Yuriy Ryzhenkov said in a statement on the company’s website on Thursday.
The CEO noted that to date, Metinvest has fully repaid three bond issues, with the total amount of payments on these instruments exceeding $1 billion.
“As market conditions improve, Metinvest will continue to explore opportunities to raise financing in the debt capital markets in line with its needs. This repayment confirms the Group’s disciplined approach to financial management and consistent fulfillment of its obligations to stakeholders,” Ryzhenkov emphasized.
According to the report, Metinvest reduced its total debt by 15% in 2025—from $1.705 billion to $1.441 billion—and is scheduled to repay $470 million in 2026, of which $428 million is due on the 2026 Eurobonds (the payment amount is stated excluding accrued interest, fees, commissions, and discounts, revolving trade finance, and lease obligations).
In 2027, Metinvest is to pay $351 million, of which $332 million is for the 2027 bonds with a 7.65% annual rate; in 2028 – $18 million; and $550 million in 2029, of which $500 million is for the 2029 Eurobonds with a rate of 7.75% per annum.
In the debt structure as of the end of last year, Eurobonds accounted for 88%, capital investment financing for 5%, trade financing for 2%, and other for 5%.
Metinvest B.V. (Netherlands), the parent company of the Metinvest mining and metallurgical group, is set to repay $428 million on its 2026 bonds with an 8.5% annual interest rate and $42 million on other obligations in 2026, for a total of $470 million.
According to a presentation based on Metinvest B.V.’s annual report, the company is scheduled to pay $332 million on its 2027 bonds at 7.65% per annum and an additional $19 million on other obligations in 2027, for a total of $351 million.
In 2028, the group is to pay only $18 million on other liabilities, and in 2029—$500 million on the 2029 bonds at 7.75% per annum and another $50 million on other liabilities, for a total of $550 million.
It is noted that the scheduled payments include only the principal amount of the debt (excluding accrued interest, fees, and discounts) as of December 31, 2025. In turn, trade finance lines are predominantly revolving, and therefore excluded from this repayment profile.
The company’s total debt as of December 31, 2025, decreased by 15% compared to 2024—to $1.441 billion from $1.705 billion. Net debt at the end of 2025 stood at $1.065 billion, and at the end of 2024—$1.048 billion.
The presentation notes that in 2025, the group, in particular, fully repaid its senior bonds totaling EUR300 million in the first half of the year. Since the beginning of 2022, it has repaid a total of $801 million in debt.
In July 2025, the group secured an 11.5-year buyer credit facility of EUR23.6 million for Northern GOK to finance the purchase of equipment for the tailings thickening project. The facility is covered by Finnvera, the Finnish export credit agency.
As reported, over the past month, Metinvest has explored refinancing options and resumed negotiations with its largest bondholders to extend the maturity of a portion of its outstanding senior bonds maturing in April 2026. Ultimately, the group intends to fully repay the bonds but will continue to seek opportunities to access debt markets in the future.
In 2025, Metinvest reduced its EBITDA by 24.2% compared to the previous year—to $765 million from $1.009 billion. The company ended 2025 with a net loss of $191 million, compared to a net loss of $1.152 billion in 2024. Meanwhile, pre-tax profit stood at $77 million, whereas the company reported a pre-tax loss of $1.138 billion for 2024. Revenue for the past year decreased by 6% to $7.242 billion. The company reported an operating profit of $319 million for the reporting period, compared to an operating loss of $858 million in 2024.
Metinvest CEO Yuriy Ryzhenkov noted in his comments a “disciplined and responsible approach to debt management.”
“Between 2022 and 2025, we reduced total debt by approximately $800 million, to $1.441 billion as of December 31, 2025. This is a significant achievement, given the extraordinary circumstances in which we operated,” the CEO emphasized.
Metinvest is a vertically integrated group of mining and metallurgical enterprises. Its facilities are located in Ukraine—in the Donetsk, Luhansk, Zaporizhzhia, and Dnipropetrovsk regions—as well as in European Union countries, the United Kingdom, and the United States. The holding’s main shareholders are the SCM Group (71.24%) and Smart Holding (23.76%). Metinvest Holding LLC is the management company of the Metinvest Group.
Metinvest B.V. (Netherlands), the parent company of the Metinvest mining and metallurgical group, which is scheduled to repay $428 million in 2026 Eurobonds with an 8.5% annual interest rate on April 23, plans to refinance them through a new issuance.
“The Group plans to issue new bonds to refinance its current bonds prior to their maturity in April 2026,” the annual report states.
According to the report, management’s expectations are based on recent market transactions, which indicate investor interest in investing in groups associated with Ukraine.
“The Group is taking all reasonable steps to prepare for the issuance of new bonds in accordance with the schedule, which allows for the process to be completed prior to the maturity of the existing bonds in 2026, including engaging all necessary advisors to manage the relevant work processes and review the required documentation,” the document states.
If, at the time of the expected placement of new bonds, market conditions are less favorable due to the development of the geopolitical situation in the Middle East or for other reasons, management may consider various other options. These include a negotiated extension of the maturity of the 2026 Eurobonds in whole or in part and/or their redemption using the company’s own working capital, which could potentially require negotiations with certain counterparties and affect the scope or timing of future investment opportunities.
The report notes that in 2025, Metinvest reduced its total debt by 15%—from $1.705 billion to $1.441 billion—and is scheduled to repay $470 million in 2026, of which $428 million is related to the 2026 Eurobonds.
The group clarified that the payment amounts are stated net of accrued interest, fees, commissions, and discounts, revolving trade finance, and lease obligations.
In 2027, Metinvest is to pay $351 million, of which $332 million is for the 2027 bonds with a 7.65% annual rate; in 2028, $18 million; and $550 million in 2029, of which $500 million is for the 2029 Eurobonds with a rate of 7.75% per annum.
In the debt structure as of the end of last year, Eurobonds accounted for 88%, capital investment financing for 5%, trade financing for 2%, and the remainder for 5%.
The company also clarified that its net debt in 2025 increased slightly—to $1.065 billion from $1.048 billion.
The presentation notes that in the first half of 2025, the group, in particular, fully repaid EUR300 million in Eurobonds, and has repaid a total of $801 million in debt since the beginning of 2022.
In July 2025, the group secured an 11.5-year credit line of EUR23.6 million for Northern GOK to finance the purchase of equipment for a tailings thickening project. The line is covered by the Finnish export credit agency Finnvera.
As reported, over the past month, Metinvest has explored refinancing options and resumed negotiations with its largest bondholders to extend the maturity of a portion of its outstanding senior bonds maturing in April 2026. Ultimately, the group intends to fully repay the bonds but will continue to seek opportunities to access debt markets in the future.
In 2025, Metinvest saw its revenue decline by 6% compared to the previous year—to $7.242 billion, EBITDA by 24.2%—to $765 million, and net loss by a factor of 6—to $191 million. At the same time, the company reported an operating profit of $319 million and a pre-tax profit of $77 million, compared to an operating loss of $858 million and a pre-tax loss of $1.138 billion a year earlier.
Metinvest CEO Yuriy Ryzhenkov noted in his commentary a “disciplined and responsible approach to debt management.”
“Between 2022 and 2025, we reduced total debt by approximately $800 million, to $1.441 billion as of December 31, 2025. This is a significant achievement, given the extraordinary circumstances in which we operated,” the CEO emphasized.
Metinvest is a vertically integrated group of mining and metallurgical enterprises. Its facilities are located in Ukraine—in the Donetsk, Luhansk, Zaporizhzhia, and Dnipropetrovsk regions—as well as in European Union countries, the United Kingdom, and the United States. The holding’s main shareholders are SCM Group (71.24%) and Smart Holding (23.76%). Metinvest Holding LLC is the management company of the Metinvest Group
