In January-July of this year, DTEK Energy’s machine builders manufactured and repaired 1,992 units of mining equipment, including four new combines for mining operations, according to a press release from the company.
In addition, 1.4 million spare parts and components were manufactured.
As reported, in the first seven months of 2024, machine builders manufactured nine combines and 618,000 spare parts for mines.
“DTEK Energy’s machine builders continue to be a reliable source of important equipment for Ukrainian mines. Thanks to their work, coal mining companies can operate more reliably, maintain production, and energy companies can more confidently get through summer peak loads and prepare for the upcoming heating season,” said DTEK Energy CEO Alexander Fomenko, as quoted in the report.
As reported, in the first half of 2025, DTEK Energy invested UAH 2.9 billion in Ukrainian coal mining, while in 2024, investments in Ukrainian mines amounted to about UAH 7.5 billion, and over the last three years (2022-2024) – UAH 18 billion.
DTEK Energy provides a closed cycle of electricity production from coal. As of January 2022, the company’s installed thermal generation capacity was 13.3 GW. A complete production cycle has been established in coal mining: coal extraction and enrichment, machine building, and maintenance of mining equipment.
Mining company Ferrexpo plc, with its main assets in Ukraine, ended January-June this year with a net loss of $196.004 million, compared with a net profit of $55.490 million in the same period last year.
According to the company’s interim report on Wednesday, the pre-tax loss for the period was $186.899 million, compared with a pre-tax profit of $75.671 million in January-June 2024.
Revenue in the first half of 2025 decreased by 17.5% to $452.607 million. At the same time, EBITDA amounted to $3.890 million compared to $79.043 million at the end of June 2024 and $69.310 million at the end of 2024.
Cash and cash equivalents at the end of June 2025 amounted to $52.262 million, at the end of June 2024 – $115.131 million, and at the end of 2024 – $105.919 million.
The report states that the group’s underlying EBITDA remained positive at around $4 million for the first half of 2025, despite losses for the period, although this is significantly lower than for the same period in 2024. The sharp decline was mainly due to lower operating profit as a result of an adjusted lower production plan following the refusal to refund VAT in Ukraine and lower realized prices, which could not be offset by the effects of lower C1 production costs and further cost-cutting measures initiated by the group during the second quarter of 2025.
Commenting on the group’s performance, interim CEO Lucio Genovese noted that the company started the year on a strong footing, with its best quarterly production since the full-scale invasion of Ukraine in February 2022. However, this momentum was significantly curtailed in the second quarter as the group was forced to reduce its activities due to the decision by the Ukrainian tax authorities to suspend VAT refunds to its subsidiaries. This is reflected in a 40% drop in production in the second quarter compared to the first quarter.
“We quickly took steps to reduce our costs. We have now had to reduce working hours or send approximately 40% of our employees on leave. We have also implemented programs to optimize the speed of disclosure, repair, and maintenance, and have reduced non-essential expenses across the business. These actions were necessary and mitigated the serious negative impact of the suspension of VAT refunds. We have managed to reduce our costs as much as possible to remain competitive in the face of low iron ore prices,” Genovese said.
He added that since the full-scale invasion of Ukraine in February 2022, Ferrexpo has continued to operate and export its products despite the enormous challenges caused by the war.
As reported, Ferrexpo posted a net loss of $50.03 million in 2024, down 41% from $84.753 million in 2023. Revenue for 2024 amounted to $933.263 million, compared to $651.795 million in 2023 (an increase of 43.2%). EBITDA amounted to $69.310 million, compared to $98.871 million adjusted for 2023. Cash and cash equivalents at the end of 2024 amounted to $100.835 million, compared to $108.293 million at the end of 2023, $106.397 million in 2022, and $117 million at the end of 2021.
Ferrexpo ended 2023 with a net loss of $84.753 million compared to a net profit of $219.997 million in 2022, which is four times lower than the profit in pre-war 2021 ($870.993 million). Revenue for 2023 amounted to $651.795 million, compared to $1 billion 248.490 million in 2022 (a decrease of 47.8%). At the same time, EBITDA fell by 83% to $130.242 million compared to $765.113 million in 2022.
Ferrexpo owns 100% of Yeristovsky GOK LLC, 99.9% of Bilanovsky GOK LLC, and 100% of Poltava GOK PJSC.
PJSC Zaporizhkox, one of Ukraine’s largest producers of coke and chemical products and part of the Metinvest Group, increased its production of blast furnace coke by 0.6% in January-July this year compared to the same period last year, from 509,600 tons to 512,900 tons.
According to the company, 78.9 thousand tons of coke were produced in July, compared to 76.3 thousand tons in the previous month.
As reported, in 2024, Zaporizhkox increased its production of blast furnace coke by 2.1% compared to 2023, to 874.7 thousand tons from 856.8 thousand tons.
In 2023, Zaporizhkox increased its production of blast furnace coke by 16% compared to 2022, to 856,800 tons from 737,400 tons.
Zaporizhkox has a complete technological cycle for the processing of coke and chemical products.
Metinvest is a vertically integrated mining group of companies. Its main shareholders are the SCM Group (71.24%) and Smart Holding (23.76%). Metinvest Holding LLC is the managing company of the Metinvest Group.
Novokramatorsk Machine-Building Plant (NKMZ, Kramatorsk, Donetsk region) plans to increase production and sales by 81.5% in 2025 compared to 2024, to UAH 2.08 billion.
The relevant plans are contained in the company’s financial report for 2024, published in the NSSMC disclosure system.
“The company’s activities in 2025 will, with a high degree of probability, be limited. Based on these assumptions for 2025, production plans have been approved for 12,700 tons of machinery and equipment for the metallurgical, mining, construction, lifting, loading, and unloading industries, as well as spare parts,” the report says.
NKMZ notes that this year, the plant’s metallurgical production plans include the manufacture of 21.78 thousand tons of liquid steel, 120 tons of liquid pig iron, 1.1 thousand tons of steel castings, and 100 tons of pig iron, as well as 15.84 thousand tons of forgings.
“The development of projects for the promising further development of the enterprise, the formation of measures aimed at the successful operation of the enterprise, the creation of new equipment and research and development, the technical re-equipment and introduction of resource-saving technologies will begin after the end of the war in Ukraine,” the plant said.
At the same time, measures are planned for 2025 to conduct a supervisory audit of the quality management system by ISOaccelerator to confirm and extend the validity of the ISO 9001:2015 certificate.
The marketing strategy of PJSC NKMZ for the current year is to maintain and expand strategic market segments and increase its presence in Eastern, Central, and Western Europe, and Central Asia.
According to the report, in 2024, the main market segments for NKMZ PJSC products were Asia (54.4% of sales), Europe (24.9%), and Ukraine (17.9%).
In terms of total sales in monetary terms, 55.2% were rolling rolls, 18.1% were metallurgical and rolling equipment, 7.3% were mining and ore equipment, and other equipment accounted for 19.4%.
Investments in production development last year amounted to UAH 28.15 million.
As reported, in 2024, NKMZ’s net income increased 3.2 times compared to the previous year, reaching UAH 1 billion 146 million, with exports to European and Asian countries accounting for UAH 941.3 million (82%). Net profit amounted to UAH 36.33 million (in 2023, the company reported a loss of UAH 856.93 million).
At the same time, in 2024, Slovakia, Lithuania, Egypt, and Luxembourg joined Uzbekistan, Kazakhstan (where exports fell 12.3 times over the year), and India (where exports grew 31 times) as the largest importers of NKMZ products. Supplies within Ukraine increased 5.2 times to UAH 204.6 million.
NKMZ, whose capacity was forced to be mothballed with the start of the full-scale military invasion of Ukraine by the Russian Federation, began to partially resume operations in October 2023.
NKMZ is a city-forming enterprise in Kramatorsk, the largest in Ukraine in the production of rolling, metallurgical, forging and pressing, hydraulic, mining, lifting and transport, hydraulic and railway equipment.
Before the war in 2021, the company’s net income exceeded UAH 6 billion.
At the beginning of 2023, the average number of employees exceeded 7,200, and at the beginning of 2025, it was 5,660.
ASIA, EUROPE, EXPORT, NKMZ, PRODUCTION
In 2024, the Metinvest mining and metallurgical group reduced its rolled steel production in the UK and the EU by 13% to 1.367 million tons, which was caused by unfavorable market conditions in the EU, in particular the availability of cheap Russian slab, according to the group’s annual report.
According to the report, flat steel production at Metinvest Trametal decreased by 3% to 466,000 tons, at Ferreira Valsider by 45% to 190,000 tons, and at Spartan UK by 22% to 153,000 tons.
Overall, Trametal accounted for 34% of total production in the UK and the EU last year (31% in 2023), Ferreira Valsider for 14% (22%), Promet Steel for 41% (35%), and Spartan for 11% (12%).
As reported, in 2024, Metinvest reduced sales of finished metallurgical products by 5% compared to the previous year, semi-finished products by 3%, but increased coke sales by 6%, and sales of other products and services increased by 33%.
Revenue from the metallurgical segment remained virtually unchanged compared to 2023 and amounted to $4.824 billion, while the segment’s share in consolidated revenue decreased by 6 percentage points (pp) to 60%.
At the same time, sales of merchantable pig iron decreased by 15% to $266 million due to a 16% reduction in shipments to 558 thousand tons. In particular, the reduction in resales and production volumes of the group amounted to 12% and 52%, respectively. The share of resales in total sales increased by 4 p.p. to 95%. North America and Europe remained the main markets for this product. They accounted for 71% and 23% of total shipments last year, compared with 70% and 26% in 2023.
Sales of semi-finished products increased by 9% last year to $389 million, thanks to a 16% increase in sales volumes to 716,000 tons amid a reduction in inventories. Shipments to the Middle East and North Africa (MENA) increased by 237,000 tons, accounting for 50% of total shipments in 2024 (20% in 2023). In contrast, shipments to Europe decreased by 143,000 tons and accounted for 38% of total sales (68% in 2023). The average selling price declined in line with the dynamics of CFR Turkey square billet prices (down 7% compared to 2023).
In 2024, flat steel sales declined by 6% to $2.244 billion. This was due to lower sales prices following the dynamics of the corresponding benchmark for hot-rolled coils CFR Italy, which fell by 9%. Total shipments increased by 7% to 3.047 million tons, driven by a 26% increase in resales to 2.111 million tons, which increased their share in total shipments to 69% (up 10 percentage points). Deliveries were primarily to Europe, which accounted for 72% of the total (71% in 2023). Sales in the region increased by 193,000 tons thanks to demand from key customers, expansion of the customer base, and stable operations at Black Sea ports. Domestic sales accounted for 23% of sales (25% in 2023).
Sales of long products remained unchanged in 2024 at $948 million. Shipments increased by 5% to 1.372 million tons, primarily due to higher production volumes at Kametstal. Ukraine and Europe remained the main markets for these products. They accounted for 45% and 35% of total sales, respectively, compared with 48% and 39% in 2023. The Group increased its shipments to North America, which accounted for 17% of total sales in 2024, compared with 12% a year ago. Average sales prices declined in line with the benchmark for CFR Turkey square billets.
The report notes that in 2024, Metinvest achieved significant results from operational improvements. In particular, in the metallurgical segment, coke consumption at Kametstal was reduced and blast furnace productivity was improved thanks to the rapid adaptation of pulverized coal injection technology to alternative types of coal under military supply restrictions. In addition, the optimization of raw material procurement contributed to the positive results.
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.
EU, METINVEST, PRODUCTION, rolling, UK
PJSC Centravis Production Ukraine (Nikopol, Dnipro region), a part of Centravis Ltd. holding, presented two projects to modernize production and expand pipe production for a total of $14.5 million at the Ukraine Recovery Conference (URC2025) held on July 10-12 in Rome.
According to the company’s information in the URC project catalog, the first project concerns the segment of oil and gas tubular goods (OCTG). It involves the development and supply of seamless pipes and stainless steel pipes that meet 25 CRA (corrosion-resistant alloy) standards, with a focus primarily on the fast-growing market for carbon capture and storage (CCS) infrastructure in the United States and Europe.
It is expected that new equipment will be purchased to produce pipes, couplings and casing for CO2 or oil wells in accordance with the API 5 CRA standard. Diameter – from 60 mm to 240 mm, length 11-13 m, wall thickness – in a wide range.
Target market: carbon capture applications in the US and Europe, oil and gas in the US, Europe, and the Middle East.
The scope of work for the project has already been determined, the preliminary tender process for its budget has been completed, and the project is ready for implementation. The equipment is planned to be installed at Centravis’ premises in Nikopol in the hot shop. API 5 CRA licensing is expected by the end of 2025.
The total project budget is $11 million, and $10 million needs to be raised, according to the company. Expected financial indicators: net present value (NPV) – $13.3 million, revenue in 2030 – $45 million, EBITDA in 2030 – $18 million.
The project launch period is two years.
Until 2025, $0.1 million will be invested in the development of the concept and technical design, this year $0.3 million will be needed for design, in 2026 – $4.6 million for construction, in 2027 – $6 million for the start of operation.
The second project is to expand the product range by launching the production of small-sized (4 mm in diameter) seamless stainless pipes with high precision. The project will allow the company to enter the hydrogen, semiconductor, medical, and aerospace industries. It is expected to expand Centravis’ product offering, strengthening its position in the precision tubing market, as this is a highly profitable segment. The target market is America, Europe, Asia, and the Middle East.
The technological parameters of the project include the purchase of equipment to support production.
This project is also ready to be implemented: the scope of work has been determined, and the preliminary tender process for its budget has been completed. The equipment is planned to be installed at the Centravis premises in Uzhhorod. At the same time, it is specified that this project will be developed mainly on its own.
Its total budget is $3.5 million, and $3 million is needed to raise it. Expected financial indicators: net present value (NPV) – $5.5 million, revenue in 2030 – $7.5 million, EBITDA in 2030 – $2.5 million.
The project launch period is two years.
At the same time, $0.2 million should be invested in the project in 2025 for design and construction, and in 2026, funding of $3.3 million will be required to start operations.
As reported, Centravis increased its production of seamless stainless pipes by 12.6% in 2024 compared to 2023, to 13.7 thousand tons. Centravis exported almost all of its products.
The company plans to increase production to 15 thousand tons in 2025.
“Founded in 2000, Centravis is one of the ten largest producers of seamless stainless steel pipes in the world. Its main production facilities are located in Nikopol (Dnipropetrovska oblast). In 2023, the company opened a branch in Uzhhorod.
Centravis Holding Ltd. was established on the basis of Nikopol Stainless Pipe Plant CJSC, service and trading companies of Production and Commercial Enterprise YUVIS LLC. Its shareholders are members of the Atanasov family. Centravis Ltd. owns 100% of the shares in Centravis Production Ukraine.
