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.
Ukraine’s state budget revenue for January–March 2026 amounted to 1.02 trillion UAH, including 734.6 billion UAH from the general fund, representing increases of 10.2% and 26.3% respectively compared with the previous year, the Ministry of Finance reported, citing provisional data from the State Treasury.
Cash expenditure from the general fund over the three months rose by 7.1% to UAH 914.8 billion, whilst total budget expenditure, including the special fund, fell by 1.1% to UAH 1.15 trillion.
The State Tax Service and the State Customs Service exceeded their monthly revenue targets for the general fund in March 2026, generating a total of 9.5 billion UAH in additional revenue, according to the Ministry of Finance.
According to the Ministry of Finance, the State Tax Service exceeded its target by 1.9% (+3.1 billion UAH) in March, while the State Customs Service exceeded its target by 8.8% (+6.4 billion UAH). For the period from January to March, the State Tax Service’s revenue target fulfillment rate was 100.6% (+2.1 billion UAH), and the State Customs Service’s was 101.7% (+3.3 billion UAH).
Novokramatorsk Machine-Building Plant (NKMZ, Kramatorsk, Donetsk Oblast) ended 2025 with net sales revenue of UAH 1.485 billion, which is 29.6% higher than the corresponding figure for 2024.
According to the financial report published on the plant’s website, the plant incurred a loss of UAH 127 million, whereas in 2024, net profit amounted to UAH 36.3 million.
The plant’s gross profit was UAH 331.2 million—12.5% less than in 2024—but the loss from operating activities nearly doubled to UAH 141.3 million.
Products worth UAH 1.191 billion were exported, accounting for 80.2% of total revenue (82% a year earlier).
India was the largest importer of the plant’s products, with shipments to that country increasing by 10.2% over the year to UAH 615.2 million.
Exports to Kazakhstan increased 2.4-fold to UAH 43.7 million, to Lithuania by 32% to UAH 167.2 million, while exports to Slovakia decreased by 35% to UAH 60.3 million.
At the same time, new export markets included Bulgaria (90 million UAH) and Uzbekistan (3.8 million UAH). Exports to all other countries increased by 52% to 215 million UAH.
Supplies to Ukrainian customers increased by 43.5% to 293.7 million UAH.
According to the plant, in physical terms, the volume of shipments within Ukraine amounted to 1,500 tons; to Asian countries—4,250 tons; to Europe—2,700 tons; to Africa—313 tons; and to the Americas—43 tons.
“The marketing strategy of PJSC ‘NKMZ’ is to maintain and expand strategic market segments and increase its presence in the countries of Eastern, Central, and Western Europe, the Middle East, Central Asia, and Africa,” the report states.
At the same time, the plant notes that markets in developed countries are characterized by a high level of competition due to the high activity of heavy machinery leaders, as well as local European and Asian manufacturers.
“The mining and processing equipment market is also characterized by intense competition from American equipment manufacturers: Caterpillar, P&H Mining Equipment, and European companies such as Metso Minerals, ABB, Sandvik (Sweden), and Demag (Germany),” the document notes.
Competition in the market for metallurgical plant equipment is driven by the presence of major engineering companies such as Danieli (Italy), SMS Demag (Germany), and Primetals Technologies (UK).
“In addition, numerous manufacturers from China are expanding their presence in all these markets, characterized by low prices and favorable supply terms (credit agreements, payment deferrals, etc.),” NKMZ notes.
NKMZ considers the European market to be the most promising in the near future.
In 2025, NKMZ invested UAH 12 million in production development, including UAH 7.7 million in machinery and equipment and UAH 4.3 million in workshop facilities.
The value of contracts signed but not yet fulfilled as of the end of last year amounted to 667.31 million UAH, with expected revenue from their fulfillment totaling 170.4 million UAH.
The plant reiterates that it is located in a frontline area, and a key factor remains its operations “under conditions of Russian military aggression against Ukraine.” This results in a significant reduction in production volumes and leads to an irregular nature of production and business activities.
NKMZ is a city-forming enterprise in Kramatorsk, the largest in Ukraine in the production of rolled, metallurgical, forging and pressing, hydraulic, mining, lifting and transport, hydraulic, and railway equipment.
As reported, NKMZ’s operations were forced to shut down with the start of Russia’s full-scale military invasion of Ukraine, and it began partially resuming operations on October 1, 2023.
The plant ended 2024 with a net profit of 36.3 million UAH, while in 2023 the loss amounted to 856.93 million UAH; net revenue grew 3.2-fold to 1.15 billion UAH, with 82% of production exported.
As reported, NKMZ shareholders plan to allocate UAH 223.314 million in retained earnings to dividend payments at the meeting on April 28.
In the soybean segment of Ukraine’s oil and fat industry, positive trends continue in the 2025/26 marketing year in terms of both physical volumes and foreign exchange revenue, according to the Ukroliyaprom association.
According to the association’s data, from September to February of the current season, foreign exchange revenue from soybean oil exports rose by 19.3% compared to the same period of the previous marketing year.
Revenue from soybean meal exports for the same period increased by 21%, while physical volumes of meal shipments rose by 38%.
The association attributes the growth in the soybean segment to increased domestic processing and the industry’s overall shift toward higher-value-added products.
“Ukroliyaprom” notes that it was precisely the increase in soybean and rapeseed processing that helped the industry mitigate the effects of the decline in sunflower yields and maintain stable operations at processing facilities.
According to the association, oil and fat products account for 34.4%, or $7.737 billion, of Ukraine’s agricultural and food exports totaling $22.515 billion, confirming their systemic role in the country’s foreign exchange earnings.
Rush LLC, the owner of the EVA chain in Ukraine, increased its net revenue by 18% in 2025 compared to the previous year, reaching 31.8 billion UAH, its press service reported to Interfax-Ukraine.
According to the report, EVA opened 73 new retail locations in 2025. Specifically, two new premium-format EVA Beauty stores were opened in Dnipro and Chernivtsi, as well as 10 stores of the new “EVA Poruch” format. By the end of the year, the chain had a total of 1,167 retail locations.
At the same time, 15 of the chain’s stores were closed due to security concerns, and two more locations in Kyiv were destroyed by enemy shelling, the press service noted.
In total, the company invested UAH 1.1 billion in its development last year, specifically in scaling and modernizing the retail network, rebranding retail locations, and developing logistics infrastructure. As a result, the productivity of the retail network’s warehouses increased by 10%, and the e-commerce segment by 29%.
“The company modernized the processes of order picking, inspection, and packing, automated the tracking of consumables in the WMS, and created a unified system of management dashboards for operational control and analytics,” the statement noted.
The company also continued to expand the use of hybrid self-service checkouts. By the end of 2025, 116 such checkouts had already been installed in retail locations, used by approximately 15% of the chain’s customers. According to EVA, the share of electronic receipts rose to 85.3% compared to 82.13% in 2024.
According to the chain’s press service, the share of online sales in the company’s revenue structure exceeded 12%. Last year, traffic grew by 28% compared to 2024, the number of orders by 32%, and turnover by over 50%. The EVA.UA platform’s product range reached 500,000 SKUs by the end of 2025. About 45% of orders are placed via the mobile app.
According to the network, the share of private labels in total sales in 2025 increased by 2.3 percentage points compared to the previous year—to 38.5%.
Last year, over 600 new jobs were created; the company’s workforce now totals 14,700 people. The amount of taxes paid in 2025 was 5.1 billion UAH.
Rush LLC, which manages the EVA chain, was founded in 2002. As of early 2026, the chain has 1,167 stores in operation.
According to the YouControl analytical system, the owner of Rush LLC is listed as the Cypriot company Incetera Holdings Limited (100%), with Ruslan Shostak and Valeriy Kiptika as the ultimate beneficiaries.
