PJSC “Pivnichny Mining and Processing Plant” (Pivnichny Mining and Processing Plant, Kryvyi Rih, Dnipropetrovsk Oblast), a member of the Metinvest Group, reported a 94.6% decline in net profit for January–March of this year—to UAH 39.456 million from UAH 731.254 million in the same period last year.
According to the company’s interim report, which is available to the Interfax-Ukraine agency, revenue from ordinary activities for this period increased by 13.2%—to UAH 10,113.454 million.
Retained earnings as of the end of March amounted to UAH 14,828.095 million.
According to the annual report, PivdenGZK reduced its net profit by 2.2 times in 2025, to UAH 595.725 million from UAH 1.338185 billion in 2024. At the same time, revenue from ordinary activities for the past year increased by 13.7%—to 32.917622 billion UAH.
As reported, in 2024, PivdenGZK increased its net profit to 1.338185 billion UAH from 866.090 million UAH in 2023. The company ended 2022 with a net loss of UAH 2.972 billion, while in 2021 it reported a net profit of UAH 25.293 billion.
The plant specializes in the extraction, processing, and production of iron ore.
Metinvest B.V. owns 100% of the shares in Northern GOK.
Northern GOK is part of the Metinvest Group, whose main shareholders are PJSC System Capital Management (SCM, Donetsk) (71.24%) and the Smart Holding group of companies (23.76%). The management company of the Metinvest Group is Metinvest Holding LLC.
PivdenGZK’s authorized capital is UAH 579.707 million.
The Northern Mining and Processing Plant (Pivnichnyi GZK, Kryvyi Rih, Dnipropetrovsk region), part of the Metinvest Group, is actively working on the construction of a modern hydraulic engineering facility for the thickening of enrichment waste at its technical water and sludge management workshop.
According to the company, the complex will enable the plant to reduce costs and lower its environmental impact by cutting energy and water consumption.
It is specified that Metinvest received a loan of EUR 23.6 million to purchase Finnish professional equipment from Metso Finland for the complex. The loan is provided by the Finnish export credit agency Finnvera. Deutsche Bank is the sole organizer and lender, with legal support from the international law firm Norton Rose Fulbright.
The press release explains that the concept of expanding the existing tailings storage facility at the Northern GOK from +165 m to +189 m using tailings thickening technology was approved back in 2015. After developing the project documentation in March 2021, Metinvest announced the launch of one of its largest high-tech projects, which will be managed by Metinvest Sichstal specialists.
Three years later, the facility was scheduled to be commissioned, but the outbreak of full-scale war forced construction to be put on hold.
Metinvest Sichstal Project Manager Vladimir Sidorov noted that a certain amount of work had been completed before the forced shutdown.
“The design was completed, basic and detailed engineering was developed, and calculations were made. We decided on the construction site, set up headquarters there, purchased some of the equipment, and began preparatory work. Directly at the site of the future complex, we had to remove the top layer of soil, which was unsuitable for construction, and replace it with another layer that was suitable in terms of characteristics. It was during this preparatory period that active hostilities began,” Sidorov explained in the statement.
However, a year ago, in July 2024, the company decided to resume construction work, continuing with the earthworks to lay and level the imported soil, and then moving on to the construction phase of the concentration complex facilities. Currently, despite the risks of wartime, builders are working on the pile foundation and grillage, which will ensure the stability and reliability of the hydraulic engineering structure.
“The biggest challenge we are currently facing is the lack of qualified specialists, both engineers and technical workers. This problem is relevant both for Metinvest and for the contractors we work with. After all, a significant number of professionals are currently working not on peaceful construction projects, but on the front lines,” said the project manager.
In addition, the company faces the risk of shelling on a daily basis. To ensure people’s safety, one shelter was installed on the site during the preparatory work, and two more were added when construction began. The company decided to protect itself from power supply problems caused by possible attacks on energy facilities by using generators.
By the end of this year, specialists plan to complete the pile driving and concreting of the foundations for the main facilities of the complex. In the near future, they will also begin installing metal structures for the reverse water supply pumping station, thickener No. 4, and the combined slurry pumping station. The commissioning of the slurry thickening complex will take place in three stages. The completion of work on the facility is currently scheduled for the end of 2027.
“Advanced technology for thickening enrichment waste using safe reagents to separate water from solid particles will allow the enterprise to reduce transportation costs and not increase the area for tailings disposal. This will give us a real opportunity to reduce the cost of concentrate and pellets, increase profitability, and strengthen our position in the raw materials market,” said Dmitry Nepomnyashchy, Director of Capital Construction and Investments at GOK, commenting on the resumption of construction of the pulp thickening complex as opening up new prospects for the Northern GOK.
As reported, Metinvest presented a $189 million waste thickening project at the Ukraine Recovery Conference (URC) 2025 in Rome. The new complex will reduce the volume of sludge transferred to the tailings pond during iron ore enrichment by 30%. The energy savings will amount to 125 MWh per year.
The project will be launched in three years.
Pivdenny GOK is part of the Metinvest Group, whose main shareholders are System Capital Management (SCM, Donetsk) (71.24%) and the Smart Holding group of companies (23.76%). The managing company of the Metinvest Group is Metinvest Holding LLC.
