Metinvest B.V. (Netherlands), the parent company of mining and metallurgical group Metinvest, decreased capital investments by 11% in January-September 2025 compared to the same period of 2024 – to $142 million from $159 million, amid war conditions.
According to a presentation based on Metinvest B.V.’s 9M-2025 interim report released on Tuesday, 56% of the total investment was allocated to the metals segment during the period (31% in 9M-2024) and 43% (64%) to the mining sector. Corporate overheads amounted to 1% (4%).
As noted, investments were directed in line with the group’s priorities and the reconfigured configuration of its operating assets.
Maintenance capital expenditure accounted for 72% of total investment (down 11 percentage points from 9M-2024), while the share of investment in strategic projects rose to 28% (up 11 p.p.).
Having assessed its potential development trajectories in 2025, Metinvest gained several key results, in particular, it decided to modernize its flagship iron ore asset – Severny GOK (SGOK). The Group renewed a key initiative to thicken enrichment waste at the mill. The project aims to maintain production volumes and helps to reduce tailings (waste – IF-U) volumes, cut operating and capital costs, and reduce environmental impact. It also reinforced the group’s commitment to the construction of a green steel plant in Italy under the Adria project, which is planned to be realized jointly with Danieli.
In addition, Metinvest signed a basic engineering agreement for the DR pellet project with Primetals Technologies to upgrade the Lurgi 552-A production line at GMZK – a key step in expanding the pellet portfolio to support green steel production.
The Group continued to invest in localized energy solutions, including gas piston generators with a total capacity of 29 MW, to mitigate wartime energy risks.
The presentation explains that the Adria project is a joint initiative of Metinvest and Danieli to create the most modern green steel plant in Piombino, Italy. It involves the construction of an electric arc ingot shop with a continuous casting and rolling complex using optimized, state-of-the-art and proven technology. The first coil at the new plant is expected to be produced in 2028.
Metinvest B.V. (Netherlands), the parent company of the Metinvest mining and metallurgical group, reduced its capital investments by 11% in January-September 2025 compared to the same period in 2024, to $142 million from $159 million, amid the war.
According to a presentation based on Metinvest B.V.’s interim report for the first nine months of 2025, published on Tuesday, 56% of total investments during this period were directed to the metallurgical segment (31% in the first nine months of 2024), and 43% ($64 million) to the mining sector (9 months of 2024 – 64%). Corporate overheads accounted for 1% ($4 million) (4%).
As noted, investments were directed in line with the group’s priorities and the changed configuration of its operating assets.
Capital expenditures on technical maintenance accounted for 72% of total investments (11 percentage points less than in the first nine months of 2024), while the share of investments in strategic projects increased to 28% (11 percentage points more).
After assessing its potential development trajectories in 2025, Metinvest reached several key conclusions, including the decision to modernize its flagship iron ore asset, Northern GOK (PGOK). The group resumed a key initiative to thicken tailings at the plant. The project is aimed at supporting production volumes and also helps to reduce tailings (waste – IF-U), reduce operating and capital costs, and lower the environmental impact. It has also strengthened the group’s commitment to building a green steel plant in Italy under the Adria project, which is planned to be implemented jointly with Danieli.
In addition, Metinvest signed a basic engineering agreement for a DR pellet production project with Primetals Technologies to modernize the Lurgi 552-A production line at PGZ – a key step in expanding the pellet portfolio to support green steel production.
The Group continued to invest in local energy solutions, including gas piston generators with a total capacity of 29 MW, to reduce wartime energy risks.
The presentation explains that the Adria project is a joint initiative between Metinvest and Danieli to create a state-of-the-art green steel plant in Piombino, Italy. It involves the construction of an electric arc furnace shop with a continuous casting and rolling complex using optimized, state-of-the-art, and proven technology. The first coil at the new plant is expected to be produced in 2028.
As reported, Metinvest reduced its capital investments in the first half of 2025 by 28% compared to the same period in 2024, from $127 million to $91 million. USD 52 million was invested in the metallurgical segment (USD 38 million in the first half of 2024) and USD 38 million in the mining sector (USD 83 million).
In 2024, Metinvest reduced capital investments by 17% compared to 2023, from $284 million to $235 million. At the same time, $81 million was invested in the metallurgical segment (in 2023 – $65 million), and $146 million ($213 million) in the mining sector.
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 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 mining and metallurgical group Metinvest, including its associated companies and joint ventures, transferred UAH 18.7 billion to budgets of all levels in Ukraine, compared to UAH 19.8 billion in 2024.
According to the company’s press release on Monday, the largest amount of deductions was the subsoil use fee in the amount of UAH 4.6 billion, followed by UAH 3.5 billion in single social contributions and UAH 3.2 billion in personal income tax.
In addition, Metinvest’s Ukrainian enterprises paid UAH 1.9 billion in income tax and UAH 690 million in environmental tax last year. At the same time, value-added tax increased by 18% compared to last year’s figures, to almost UAH 2 billion, land fees increased by 10%, to UAH 1.4 billion, and military tax increased almost threefold, to UAH 916 million.
“The war and global challenges have changed the business reality and forced us to work in a new way. But the role of metallurgy remains strategic: it continues to support the economy, provide foreign exchange earnings, and fill the budget. As the largest company in the industry, Metinvest continues to operate, support the regions, and help the army,” said Yuriy Ryzhenkov, CEO of the group.
As reported, in 2024, Metinvest transferred UAH 19.8 billion in taxes and fees to budgets of all levels in Ukraine. In total, during almost four years of full-scale invasion, the group has supported the country’s economy with approximately UAH 74 billion.
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.
The Metinvest mining and metallurgical group has extended its financial assistance program for newlyweds and employees who have had a child until 2026: UAH 5,000 (after tax) to employees who are getting married for the first time and UAH 8,000 (before tax) to employees who have had a child.
According to information released by the company on Thursday, this program has been in place for many years, but was temporarily suspended at the start of the full-scale war and then resumed in May 2024 when the economic situation allowed.
It is specified that since then, more than 900 Metinvest employees have already taken advantage of the financial support program: 593 received financial assistance after the birth of a child, and another 332 employees received assistance in connection with marriage. The total amount of payments for 2024-2025 exceeded UAH 8.4 million.
In 2026, the program will continue under the same conditions. If both newlyweds work at the company, both will receive the payment of their choice.
CEO Yuriy Ryzhenkov recently noted that the number of Metinvest employees has decreased from 113,000 to approximately 50,000 since the start of the war.
As reported, from January 1, 2026, the state payment for the birth of a child has increased to UAH 50,000, and assistance for caring for a child under one year of age has been introduced – UAH 7,000 per month, and for families raising a child with a disability – UAH 10,500.
According to the Ministry of Justice, the number of births in Ukraine in 2025 decreased by 7,900, or 4.5%, compared to 2024, to 168,780, while the number of marriages increased by 10.2%, or 15,380, to 165,590.
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 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 metallurgical enterprises of the Metinvest mining and metallurgical group began production of 11 new types of products, including a joint venture, the Zaporizhstal plant, which mastered the production of three new products.
According to the group’s press release on Tuesday, having operated under conditions of full-scale Russian invasion for almost four years, Metinvest remains the country’s economic and industrial backbone. Overall, during more than a decade of Russia’s war against Ukraine, the group has managed to establish the production of 433 new products.
Last year, the company mastered new positions in the segments of semi-finished products and rolled products (four each), hot-rolled coils and sheets (two), and cold-rolled coils and sheets (one). The lion’s share of new products was produced by the Kametstal and Zaporizhstal plants. One product was mastered by the group’s Bulgarian rolling mill, Promet Steel.
It is specified that Kametstal has established the production of four types of continuously cast billets measuring 335×400 mm from various steel grades used for the manufacture of pipe products.
Zaporizhstal has mastered two types of hot-rolled coils: a new coil size in the S235JR grade (1.8×1045 mm) and products made of S235JRC steel, which is suitable for cold forming by bending and profiling. Both products are manufactured in accordance with European standard EN 10025-2 and are used in the construction and machine-building industries for the production of steel structures, pipes, and closed profiles for structural purposes.
The company has also mastered the production of cold-rolled coils made of S280GD steel, the chemical composition and mechanical properties of which comply with the European standard EN 10346. These products are intended for further processing, profiling, and the application of protective coatings. These coils are used to produce lightweight thin-walled steel structures for construction, load-bearing and decorative elements of facade systems, etc.
The Kametstal plant has also established the production of reinforcing steel for the Polish and Romanian markets. B500SP reinforcement complies with the Polish construction standard and is used to strengthen concrete. B500C reinforcing steel for Romania, which has a similar strength level, is characterized by increased plasticity, which allows it to be used in more complex and earthquake-resistant structures.
In addition, Kametstal has mastered the production of 100 mm diameter grinding balls of the fifth hardness group according to the Ukrainian standard DSTU 8538. They are used in the mining and metallurgical industry for grinding ore, concentrates, or intermediate products in drum-type ball mills.
Last year, the Promet Steel plant began producing reinforcing bars in accordance with the MKS 1021:2019 standard for the North Macedonian market. The product is designed for reinforcing concrete structures and is used in construction. It has a corrugated surface for reliable adhesion to concrete and is suitable for welding, ensuring the strength and safety of reinforced concrete structures.
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.
As part of Rinat Akhmetov’s Steel Front military initiative, Metinvest provided the 1st Corps of the National Guard of Ukraine (NGU) Azov with a batch of drones worth UAH 214 million, with total assistance for the year reaching UAH 600 million.
According to a statement released by the group on Wednesday, Akhmetov’s Steel Front military initiative delivered another large batch of drones to the 1st Corps of the NGU Azov. The cost of the equipment delivered is 214 million hryvnias. This delivery was the next stage in the Metinvest Group’s systematic support for the corps in 2025.
It is specified that the total amount of aid to the Azov Corps during the year reached UAH 600 million. The funds were used to provide the most critical technological solutions for the front line, as well as logistical and technical support for the units.
‘In 2025, we continued to support the 1st Corps of the National Guard of Ukraine ’Azov” in areas that are critical for combat operations: electronic warfare, UAVs, communications, as well as logistical and technical support. The total amount of this assistance is UAH 600 million,‘ said Alexander Vodoviz, Head of the Office of the CEO of Metinvest.
In turn, the 1st Corps of the National Guard of Ukraine ’Azov” emphasised that this support is very important, as modern warfare requires constant and rapid updating of the technological base.
‘In 2025, the requirements for equipment have increased significantly. REBs, drones, and secure communications determine the success of operations and save the lives of our soldiers,’ said Ivan Ignatiev, deputy commander of the corps for logistics.
Since the start of the full-scale war, Metinvest has reportedly delivered more than 1,500 UAVs to various units of the Ukrainian Armed Forces. Recently, another batch of ‘birds’ was received by the 27th Military Unit of the Ukrainian Ground Forces. The shipment included 200 FPV drones, 30 DJI Mavic FMC drones and 20 DJI Mavic 3T drones with thermal imaging cameras. Earlier, the Azov special forces brigade of the National Guard of Ukraine received a large shipment of vehicles and equipment worth UAH 40 million from Metinvest.
In total, over the course of a year and a half of full-scale war, Metinvest has allocated UAH 2 billion to support the Ukrainian army as part of Rinat Akhmetov’s Steel Front military initiative.
