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
Metinvest B.V. (Netherlands), the parent company of the Metinvest mining and metallurgical group, reduced its revenue from product sales in Ukraine by 11% in 2025 compared to 2024, down to $2.3 billion.
According to the group’s press release based on the 2025 annual report, this result primarily reflects the absence of coking coal concentrate sales, a decline in iron ore concentrate resale volumes, and lower average selling prices. Ukraine’s share of consolidated revenue decreased by 2 percentage points (pp) to 32%.
Sales to other markets fell by 3% to $4.942 billion, accounting for 68% of total revenue. In particular, sales to Europe rose by 3% due to increased shipments of flat and long products from own production (by 18% and 41%, respectively), billets (by 15%), flat products for resale (by 9%), and pig iron (2.1 times). The region’s share of total revenue rose to 44% (up 3 percentage points year-over-year).
Sales to Asia fell by 5%, mainly due to a decline in resold iron ore concentrate volumes (by 7%) and lower average selling prices. The region’s share of total revenue remained unchanged at 16%.
Revenue from North America decreased by 24% due to an 80% decline in long product shipments and lower average selling prices. The region’s share of consolidated revenue remained stable at 4%.
Revenue from the Middle East and North Africa (MENA) decreased by 29%, primarily due to a 34% decline in billet shipments. The region’s share of total revenue fell to 3% (down 1 percentage point).
Sales to other regions fell by 18%, while their share of total revenue remained unchanged at 1%.
In 2025, revenue in the metallurgical segment grew by 6% to $5.107 billion, primarily due to increased sales of finished products and semi-finished products (by 4% and 7%, respectively) and other products and services (by 40%). Meanwhile, coke sales fell by 20%. This segment accounted for 71% of total revenue (an increase of 8 percentage points).
Pig iron sales rose by 41% to $371 million, mainly due to a 53% increase in sales volume to 857,000 tons. This reflects growth in both resales (by 48%) and domestic shipments (2.5 times). The share of resales in total volume decreased by 4 percentage points, to 91%. North America remained the primary destination, accounting for 63% of shipments in 2025 compared to 71% in 2024. Shipments to Europe increased 2.2-fold and accounted for 32% of total shipments in 2025 (up 9 percentage points).
In 2025, sales of billets fell by 16% to $327 million, primarily due to a 12% drop in sales volume to 629,000 tons amid lower production. Shipments to Europe increased by 42,000 tons, while shipments to the Middle East and North Africa decreased by 121,000 tons. These regions accounted for 50% and 38% of total shipments in 2025, respectively (38% and 50% in 2024). The average selling price also declined, in line with the CFR Türkiye benchmark for square billets, which fell by 11% year-over-year.
During the reporting period, flat steel sales rose by 6% to $2.375 million, driven by a 15% increase in sales volume to 3,498 thousand tons. This included a 15% increase in resales and a 13% increase in domestic shipments. The share of resales in total volume rose to 70% (up 1 percentage point). Europe remained the main market, accounting for 71% of total shipments (72% in 2024). Sales volumes in the region increased by 279,000 tons amid rising demand and the resumption of hot-rolled steel production by the group in Italy. Shipments to Ukraine rose by 29%, accounting for 26% of sales volumes (23% in 2024). The average selling price declined in line with the HRC CFR Italy benchmark, which fell by 7% year-over-year.
In 2025, long product sales rose by 1% to $960 million, driven by a 3% increase in shipments to 1.411 million tons. Shipments to North America fell by 80% due to tighter trade restrictions in Canada and the U.S. and accounted for 3% of total annual volume (17% in 2024). These products were redirected to Europe, where shipments rose by 40%, increasing the region’s share to 48% of total sales (up 13 percentage points). Shipments to Ukraine rose by 4%, accounting for 45% of the total volume (unchanged year-on-year). The average selling price decreased in line with the CFR Türkiye benchmark for square billets.
During the reporting period, coke sales fell by 20% to $390 million. The decline was primarily due to lower average selling prices, reflecting trends in coking coal quotations. Total shipments increased by 7% to 1.450 million tons due to higher sales volumes at the Zaporizhstal joint venture.
In 2025, revenue from the mining segment decreased by 25% to $2.135 billion. This result reflects the absence of coking coal concentrate sales and a decline in iron ore product sales (down 11%). The segment’s contribution to total revenue was 29% (a decrease of 8 percentage points).
Sales of commercial iron ore concentrate fell by 14% to $1.409 billion, primarily due to a 13% reduction in total shipments to 14.376 million tons. This reflects a 22% decrease in resale volumes and a 4% decline in own shipments. As a result, shipments to Ukraine and Asia decreased by 47% and 3% year-over-year, respectively. Accordingly, these regions accounted for 11% and 78% of total sales, respectively (18% and 70% in 2024). Shipments to Europe fell by 20% amid declining demand, accounting for 10% of the total in 2025 (11% in 2024). Although the CFR China benchmark for 62% iron ore fines fell by 8% year-on-year, the average selling price remained nearly unchanged due to improved logistics efficiency.
In 2025, pellet sales decreased by 6% to $708 million due to lower average selling prices, while shipments increased by 4% to 6.317 million tons. Most of these volumes were shipped to Europe (71% in 2025; 81% in 2024) and Ukraine (25% in 2025; 16% in 2024).
Last year, no coking coal concentrate was sold due to the suspension of operations at Pokrovskvugillya.
Metinvest is a vertically integrated group of mining and metallurgical enterprises. 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.
As part of Rinat Akhmetov’s Steel Front military initiative, Metinvest is working on exporting bunkers for the border between Poland and Russia, the company’s Chief Operating Officer (COO) Alexander Mironenko said in an interview with Pryamyy TV channel.
“We are mainly working with our Western partners on shelters. This is very relevant right now: we are showing them our solutions for the construction of various structures. For example, a hospital that fully complies with NATO Role2 standards. It has been inspected by numerous delegations: military medics, engineers, and foreign specialists, and everyone agreed that the solutions are quite effective,” said Myronenko.
According to him, the company has presented its engineering solutions based on “hideouts” at many military-themed exhibitions and meetings, and they are very popular.
“We are currently working on entering the international market with these solutions, for example, for the construction of the border between Poland and Russia, using our experience and proposals for underground structures. The NATO army does not have such experience, so they are very interested in this. And we exchange information and experience with them,” said the COO.
He added that the shelters have undergone a major transformation. Initially, they were simply “barrels” buried in the ground. “Now we provide a full service — it is essentially an underground house with its own lighting, generator, stove, and all amenities: just plug the generator into the outlet, and the room is ready for use,” the COO clarified.
“The unique product we are proud of is, of course, the protective structures for the Patriot and SAMP/T air defense systems. And now we are developing protection for the Hawk air defense system control module, which operates in Ukraine. In my opinion, this is a unique experience, because we are talking about state-of-the-art technology designed to protect the sky from the enemy, but certain shortcomings have been revealed in real combat conditions. Together with the military, we corrected them – we made the control modules, radar installations, and other systems safer so that personnel could feel confident even in dangerous situations and conduct air defense of our cities and towns,” explained the top manager.
He added that the company plans to continue supporting the military in all areas, both through the purchase of equipment and through the provision of its own products.
“In production, we will focus on protecting equipment: we will improve existing solutions and develop new ones for different types of equipment. The second area is the development of ”shelters” and solutions based on them. An underground training center has already been built on the basis of such shelters, and we are now completing the construction of another large underground center for pilot training. This is a large niche in which we plan to continue working and developing,” Myronenko concluded.
Metinvest B.V. (Netherlands), the parent company of an international vertically integrated mining and metallurgical group of companies, paid the next coupon on its 2027 Eurobonds and, despite the war in Ukraine, continues to fulfill its debt obligations, in particular to Eurobond holders.
“We can confirm that the coupon for March 1 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-2027 is March 1.
“The coupon payment dates are March 1 and September 1 of each year,” according to the information on the 2027 bonds.
The coupon rate is 7.650% 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 management company of the Metinvest Group.
The mining and metallurgical group Metinvest has spent UAH 10.1 billion to support the state and its citizens during four years of full-scale war, of which UAH 7.3 billion went to the army as part of Rinat Akhmetov’s Steel Front military initiative.
According to the company’s press release on Tuesday, it has mastered the production of protective metal screens and shields for military equipment such as Abrams, Bradley, T-64, T-72, and MT-LB, manufacturing 309 units of such products.
In addition, Metinvest has established the production of anti-mine trawls, which are installed on tanks, and has delivered 31 such structures to the front.
Metinvest is working with the military to create lines of defense. More than 200 km of fortifications have been built in the Donetsk and Zaporizhzhia directions, according to the release.
According to the release, the company provides the army with reconnaissance, surveillance, communications, and power supply equipment. In particular, the military received more than 8,337 reconnaissance drones, 2,088 thermal imagers and high-precision surveillance optics units, 765 backup power systems, 875 communication equipment units, 795 vehicles, including ambulances, and 1.55 million liters of fuel to refuel them.
In 2025, one of the largest batches of drones, worth UAH 214 million, was received by the 1st Corps of the National Guard of Ukraine “Azov.” In total, Metinvest provided UAH 600 million in aid to Azov last year. It also donated 31,655 first aid kits and tourniquets to the army and allocated nearly UAH 26 million to the development of tactical medicine in Ukraine in cooperation with the PULSE charitable foundation.
As reported, Metinvest has allocated UAH 9.72 billion to support the state and its citizens during the three years of war, of which UAH 5.2 billion was allocated to the army’s needs as part of Rinat Akhmetov’s Steel Front military initiative.
In total, SCM businesses, the Rinat Akhmetov Foundation, Azovstal Heart, and Shakhtar Football Club have allocated more than UAH 13.5 billion to help the country, the army, and civilians during four years of war, as reported yesterday. They reported UAH 11.3 billion for the first three years, UAH 7.6 billion for the first two years, and UAH 5 billion for the first year of full-scale war.
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 2025, the Metinvest mining and metallurgical group reduced steel production by 4% compared to the previous year, to 2.018 million tons. The decline was due to the large-scale war, reduced electricity supply, as well as logistical and economic factors.
According to the group’s annual report, the parent company Metinvest B.V. reported that based on the results of operating activities for Q4 2025 and for the year as a whole, in Q4, pig iron production at Kametstal remained at the level of the previous quarter and amounted to 496,000 tons, while steel production increased by 3% to 564 thousand tons.
At the same time, it is noted that in 2025, pig iron and steel production decreased by 2% and 4%, respectively, compared to the previous year and amounted to 1.782 million tons and 2.018 million tons. The slight decrease was due to the overhaul of blast furnace No. 9 at Kametstal in April-June 2025.
It is also noted that in Q4 2025, the volume of commercial semi-finished products remained almost at the level of the previous quarter and amounted to 271 thousand tons. At the same time, commercial pig iron production decreased by 41% due to increased consumption in subsequent stages, which led to an 8% increase in the output of commercial billets.
In 2025, the output of semi-finished products decreased by 3% compared to the previous year, to 839 thousand tons, due to a decline in steel production and an increase in domestic consumption of billets in subsequent stages of production. At the same time, the output of commercial cast iron doubled and amounted to 84 thousand tons.
In Q4 2025, finished product output grew by 4% compared to the previous quarter and amounted to 613 thousand tons, due to scheduled overhauls at rolling mills in Italy and Bulgaria in August. In particular, flat steel production grew by 10% to 291,000 tons, while long steel production remained almost unchanged at 322,000 tons.
In 2025, finished product output grew by 13% compared to 2024, reaching 2.429 million tons. In particular, flat steel production increased by 20% to 1.107 million tonnes thanks to the resumption of hot-rolled coil production at Ferriera Valsider (Italy) and the efficient operation of Metinvest Trametal (Italy) and Spartan UK (Great Britain). Long product production increased by 7% to 1.322 million tonnes due to increased volumes at Kametstal and the stable performance of Promet Steel (Bulgaria).
In Q4 2025, coke production decreased by 3% compared to the previous quarter to 279 thousand tonnes. Overall, coke production declined by 2% over the past year to 1.100 million tons compared to the previous year due to the decommissioning of coke oven battery No. 1 at Kametstal. This was partially offset by a 23% increase in coke production at Zaporizhzhya Coke Plant to 898,000 tons.
It is also reported that in Q4 2025, total iron ore concentrate production remained almost at the level of the previous quarter and amounted to 3.981 million tons, while the output of commercial iron ore products decreased by 4% to 3.773 million tons. The production of iron ore pellets decreased by 21% to 1.339 million tons due to the temporary shutdown of one of the roasting machines as a result of damage to the power supply systems caused by shelling. As a result, the output of commercial iron ore concentrate increased by 9% to 2.434 million tons.
In 2025, total iron ore concentrate production was comparable to the previous year’s volume and amounted to 15.695 million tons. At the same time, the shutdown of operations at the Ingulets quarry in July 2024 was offset mainly by increased production at the Hannivsk quarry. Production of commercial iron ore products increased by 3% to 15.229 million tons, with commercial pellets increasing by 5% and concentrate production remaining virtually unchanged.
In December 2024, due to the intensification of hostilities and the approach of the front line, the production site of the Pokrovsk Coal Group, located in Donbas, was suspended. Subsequently, against the backdrop of power supply disruptions and a further deterioration in the security situation, the production activities of the mine and enrichment plant were suspended.
In addition, the group is in the final stages of selling United Coal Company (USA). In this regard, the asset was deconsolidated starting with the financial statements for the first half of 2025.
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 US. 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.
