PJSC “Dniprovsky Metallurgical Plant” (DMZ), part of the DCH Steel division of Oleksandr Yaroslavsky’s DCH Group, reduced its net loss by 4.8 times in January–September of this year compared to the same period last year—to 97.239 million UAH from 467.490 million UAH.
According to the company’s interim report, available to the Interfax-Ukraine news agency, revenue from ordinary operations during this period fell by a factor of 2.5—to 606.339 million UAH.
The accumulated loss as of the end of September 2026 stood at 836.770 million UAH.
As previously reported, in the first quarter of 2026, DMZ reduced its loss by 78.3% compared to the same period in 2025—to 29.031 million UAH from 133.943 million UAH, while income from ordinary operations fell nearly sevenfold—to 131.165 million UAH from 886.267 million UAH.
In the first half of the year, DMZ reduced its loss by 75.9% compared to the same period last year—to 63.8 million UAH, while revenue fell by a factor of 3.6—to 374.935 million UAH.
DMZ’s loss increased 5.5-fold compared to 2024—to 1,225.795 million UAH, while revenue from ordinary activities fell 3.2-fold—to 1,664.980 million UAH.
DMZ reported a net loss of 222.117 million UAH for 2024, compared to a net profit of 504.591 million UAH in 2023. In 2022, the company reported a net profit of 4.225 million UAH, compared to 1 billion 725.157 million UAH in 2021. The year 2020 ended with a net loss of 394.091 million UAH.
DMZ specializes in the production of steel, cast iron, rolled steel, and products made from them. The plant has a full metallurgical production cycle: a blast furnace shop, an oxygen converter shop, coke and chemical production, and rolling production, which consists of two section rolling mills (Mill 800 and Mill 550).
On March 1, 2018, the DCH Group signed an agreement with Evraz to purchase the Dnipro Metallurgical Plant.
According to data from the National Securities and Stock Market Commission (NSSMC) for August, as of November 2, 2026, Drampisco Limited (Cyprus) owns 97.7346% of DMZ’s shares.
According to the 2025 report, the ultimate beneficial owner (controlling shareholder) of PJSC “Dniprovsky Metallurgical Plant” is Oleksandr Yaroslavskyi, who holds Ukrainian and British citizenship. Type of beneficial ownership: indirect controlling influence; percentage of share capital (indirect influence): 87.96%.
The PrJSC’s share capital is 574.994 million UAH, and the par value of a share is 0.25 UAH.
DCH, DMZ, LOSS, METALLURGY, REVENUE
PJSC “Ingulets Mining and Processing Plant” (Ingulets Mining and Processing Plant, Kryvyi Rih, Dnipropetrovsk Oblast), a member of the Metinvest Group, reported a 2.3-fold increase in its net loss to 3 billion 360.691 million UAH based on its performance from January through September of this year.
According to the company’s interim report, which is available to the Interfax-Ukraine news agency, the loss in the third quarter of 2026 amounted to 874.917 million UAH.
Revenue from ordinary operations for this period amounted to 302,000 UAH, which was generated in the first quarter of 2026; for the first nine months of 2025, it was 25.453 million UAH.
Retained earnings as of the end of September totaled 3 billion 667.112 million UAH.
The report states that the main factors affecting the company’s operations include limited demand—including due to the loss of metallurgical plants in eastern Ukraine—logistical challenges, a decline in sales prices, and the suspension of the concentrate production cycle in the second half of 2024 due to the lack of organizational and technical conditions for the company’s operations under wartime conditions.
“However, Metinvest’s specialists worked actively over the past year to improve the situation, maintain the plant’s economic viability, and secure jobs for the staff. In 2025, the production process was partially restored as part of ore mining for shipment to PJSC “TsGZK,” the report states.
At the same time, it is specified that during the first nine months of 2026, no commercial concentrate was produced, and no ore was mined. As part of the capital investment program for January–September 2026, a project to establish an in-house blasting unit is underway.
“Since the beginning of the year, blasting operations have been carried out in-house at the open-pit mines of the PIVNGZK Group and the TsGZK Joint-Stock Company. Since September, due to the shutdown of the PIVNGZK Group, blasting operations have also been carried out at the PIVNGZK Production Complex,” the report states.
As previously reported, based on its performance in January–March of this year, IngZK saw its net loss increase 5.4-fold—to 1 billion 397.987 million UAH from 259.450 million UAH in the same period last year. Revenue from ordinary operations for this period amounted to 302,000 UAH, whereas in 2024 there was none.
In the first half of this year, IngZK increased its net loss by 2.9 times—to 2,485,774 million UAH from 858,314 million UAH in the same period last year. Income from ordinary activities for this period amounted to 302 thousand UAH, which was generated in the first quarter of 2026.
In 2025, Ingulets GOK increased its net loss by 7.1 times, to 9,297,362,000 UAH, while income from ordinary activities for the past year amounted to 40,300 UAH, compared to 7,793,635,000 UAH in 2024.
The company specializes in the mining and processing of ferruginous quartzites from the Ingulets deposit, located in the southern part of the Kryvyi Rih iron ore basin. It produces iron ore concentrate. The company’s production capacity is 14 million metric tons of iron ore concentrate per year.
Metinvest B.V. (Netherlands) owns 100% of the shares in PJSC “Ingulets Iron Ore Mining and Processing Plant.”
The authorized capital of PJSC “Ingulets Iron Ore Mining and Processing Plant” is 689.906 million UAH, and the par value of each share is 0.25 UAH.
IngZK 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.
The Kametstal plant, part of the Metinvest Mining and Metallurgical Group and operating at the facilities of the Dniprovsky Metallurgical Combine (DMC, Kamyanske, Dnipropetrovsk Oblast), reported a net loss of 792.933 million UAH for January–September of this year, whereas in the same period last year, it posted a profit of 1 billion 345.153 million UAH.
According to the company’s interim report, available to the Interfax-Ukraine news agency, the loss in the third quarter amounted to 350.683 million UAH.
Revenue from ordinary operations for this period increased by 11.8% to 47,444.227 million UAH.
The accumulated loss as of the end of September stood at 2,341.094 million UAH.
The report states that on the night of September 5, 2026, Russia launched a ballistic strike against the plant. Five people were killed and four employees were injured as a result of the attack. The attack damaged the plant’s sinter and blast furnace production facilities, as well as its energy and transportation infrastructure. The plant was forced to completely halt all production processes. Restoration work is currently underway at the facility. Following an inspection of the equipment and infrastructure, an assessment of the extent of the damage was conducted, and further steps toward resuming production were determined. The timeline for restarting production processes and resuming production is currently unknown.
Against the backdrop of shelling of industrial facilities and the blockade of Black Sea ports, a 30% increase in freight rates by Ukrzaliznytsia, and a worsening situation in the European market, the company is forced to make difficult decisions. These include a significant reduction in administrative costs, the optimization of business processes, and a reduction in administrative and management staff—primarily in those areas of operation where work has been substantially curtailed. This is a necessary step to preserve production and thousands of jobs. The company will do everything possible to support the laid-off employees. They will receive severance pay and will be offered available positions in the production divisions.
The challenges Ukraine faces due to the war are hindering the stability and further development of its economy and financial sector. Consequently, the Company’s operating environment remains challenging. The duration and consequences of the war cannot be reliably predicted.
As reported, in the first quarter of 2026, the plant’s net loss increased 13.3-fold compared to the same period last year—to 1 billion 421.376 million UAH from 107.083 million UAH, while revenue from ordinary operations for this period rose by 17.7%—to 17,356.948 million UAH.
In the first half of this year, Kametstal reported a net loss of 137.457 million UAH, whereas in the same period last year it posted a profit of 633.921 million UAH; revenue rose by 38.2% to 36.764577 billion UAH.
In 2025, the plant posted a net profit of 961.340 million UAH, whereas it ended 2024 with a net loss of 237.705 million UAH. At the same time, revenue from ordinary operations for the past year increased by 12.2% to 58 billion 780.443 million UAH.
The plant ended 2024 with a loss of 237.705 million UAH, whereas in 2023 the loss amounted to 912.333 million UAH. The plant ended 2022 with a net loss of 883.119 million UAH, whereas in 2021 it reported a net profit of 120.277 million UAH.
“Kametstal” was established on the basis of PrJSC “Dniprovsky Coke and Chemical Plant” (DKKhZ) and the Central Metallurgical Complex of PJSC “Dniprovsky Metallurgical Combine” (DMK).
According to data from the National State Register as of October 23, 2026, Metinvest B.V. (Netherlands) owns 100% of the company’s shares.
The authorized capital of PJSC “Kametstal” is 170.584 million UAH.
In January–September of this year, PJSC “Ukrrichflot Shipping Company” reduced its net loss by 29.9% compared to the same period last year—to 137.447 million UAH.
According to the company’s interim report, which is available to the Interfax-Ukraine news agency, the loss in the third quarter amounted to 35.368 million UAH.
Revenue for this period decreased by 35.4% to 14.720 million UAH.
Retained earnings as of the end of September totaled 120.979 million UAH.
As previously reported, in the first half of this year, Ukrrichflot reduced its net loss by 24.2% compared to the same period last year—to 102.079 million UAH, while revenue fell 2.7-fold—to 7.553 million UAH.
In January–September 2025, “Ukrrichflot” posted a net loss of 196.007 million UAH, while revenue for this period decreased by a factor of 7.7 to 22.781 million UAH. In 2024, the company’s net loss increased to 29.983 million UAH from 22.251 million UAH in 2023.
PJSC “Ukrrichflot Shipping Company” is a private logistics operator that provides river and maritime freight transportation services.
According to the National Securities and Stock Market Commission’s data for August as of October 23, 2026, Oltinoro Investments Limited owns 5.5% of the shares, and Culata Limited (both based in Cyprus) owns 9.7758%. The “P’yatyi” closed-end, non-diversified venture capital investment fund, on behalf of and at the expense of which LLC “Asset Management Company ‘Svarog Asset Management’” acts, holds 66.1032%; LLC “Promexpertinvest” holds 9.1666%.
The authorized capital of PJSC “Ukrrichflot” is 51,428,586 thousand UAH; the par value of a share is 0.30 UAH.
PJSC “Zaporizhzhia Metallurgical Plant ‘Zaporizhstal’” reported a net loss of 2 billion (307.873 million UAH) in January–September of this year, compared to a net profit of 1 billion 887.127 million UAH in the same period last year.
According to the company’s interim report, available to the Interfax-Ukraine news agency, the loss in the third quarter amounted to 1,247.146 million UAH.
During this period, revenue from ordinary operations decreased by 8.3% to 49,157.347 million UAH.
Retained earnings as of the end of September totaled 29 billion 799.280 million UAH.
The company’s management report specifically highlights logistical, regulatory, and energy risks. It also notes that a significant portion of PJSC “Zaporizhstal’s” products is sold for export. As of September 30, 2026, the Russian Federation’s military aggression and restrictions on shipping in the Black Sea region continue to pose significant logistical risks to the stability of supplies. In this regard, the company utilizes multimodal logistics routes, which are carried out both through ports on the Danube River and via rail and road transport. At the same time, there remains a risk of restrictions or complications in transportation across Ukraine’s western borders, particularly with the Republic of Poland, which could negatively impact both the import of raw materials and the export of finished products, leading to increased costs and longer contract fulfillment times.
One of the significant risks for the company is the European Commission’s introduction of the Carbon Border Adjustment Mechanism (CBAM), which gradually tightens financial and administrative requirements for imports of high-carbon-intensive metallurgical products, as well as increases the cost of greenhouse gas emissions. At the same time, the company’s assessment—which also takes into account the continued use of free allowances under the European Union Emissions Trading System (EU ETS)—indicates that the impact of CBAM on semi-finished steel products and finished goods will remain limited until 2030. An additional risk is the tightening of trade defense measures in the EU market. In particular, new restrictive quotas on imports of certain types of steel products into the EU took effect on July 1, 2026. Zaporizhstal continuously monitors changes in the regulatory environment and takes measures to adapt its export strategy to the new conditions governing foreign economic activity.
Zaporizhstal’s financial and operational activities are also subject to risks related to electricity supply. The energy-intensive nature of metallurgical production, combined with the consequences of damage to Ukraine’s energy infrastructure resulting from military hostilities, creates risks of unstable electricity supply, restrictions on electricity consumption, and rising costs. Since the plant’s production process depends on the power supply, in the event of any significant power outages, the company will be able to continue its operations at a reduced capacity. Such a scenario could negatively impact the plant’s operating results and financial condition in a manner that cannot currently be reliably assessed, including its ability to continue operations on a going-concern basis.
At the same time, the expansion of sales markets, the adaptation of logistics routes, and improvements in energy efficiency are positive factors that could partially mitigate the impact of these risks in the medium term.
In August–September 2026, the company’s production site was subjected to rocket attacks, which damaged certain energy infrastructure and blast furnace production facilities.
As reported, in the first quarter of 2026, Zaporizhstal’s net loss increased 2.1-fold compared to the same period in 2025—to 1 billion 373.955 million UAH from 660.923 million UAH. Its revenue from ordinary operations increased by 13.2%, to 19 billion 667.141 million UAH from 17 billion 376.525 million UAH.
In January–June of this year, the plant reported a net loss of 1 billion 60.727 million UAH, whereas in the same period last year it had a net profit of 1 billion 369.359 million UAH; revenue from ordinary operations increased by 7.6% to 38 billion 701.653 million UAH.
In 2025, Zaporizhstal doubled its net profit compared to 2024—to 1 billion 764.886 million UAH from 880.562 million UAH, and revenue from ordinary operations rose by 2.4%—to 72 billion 14.156 million UAH from 70 billion 307.933 million UAH. At the same time, consolidated profit in 2025 amounted to 1,328.605 million UAH, compared to 1,593.521 million UAH in 2024. Revenue remained unchanged—the same as in the unconsolidated report.
In 2024, Zaporizhstal reported a net profit of 1 billion 593.521 million UAH, compared to a net loss of 3 billion 899.537 million UAH the previous year. Revenue amounted to 70,307.933 million UAH, compared to 56,428.254 million UAH in 2023.
Zaporizhstal ended 2022 with a net loss of 4,864,684,828 thousand UAH, whereas in 2021 it reported a net profit of 16,809,158,412 thousand UAH.
Zaporizhstal is one of Ukraine’s largest industrial enterprises, whose products are in high demand among consumers both in the domestic market and in many countries around the world.
“Zaporizhstal” is a joint venture of the ‘Metinvest’ Group, whose main shareholders are PJSC “System Capital Management” (71.24%) and Smart Steel Limited (23.76%). LLC “Metinvest Holding” is the management company of the “Metinvest” Group.
The public joint-stock company’s authorized capital is 660,920,444.75 UAH, divided into 2,643,681,770 shares, with a par value of 0.25 UAH per share.
The Kryvyi Rih Mining and Metallurgical Plant, PJSC “ArcelorMittal Kryvyi Rih” (AMKR, Dnipropetrovsk Oblast), ended the January–September period of this year with a net loss of 49 billion 442.253 million UAH, an 8.6-fold increase compared to the same period last year, when it stood at 5 billion 768.250 million UAH.
According to the company’s interim report, a copy of which is available to the Interfax-Ukraine news agency, AMKR’s revenue from ordinary operations for this period amounted to 45,651,999,000 UAH, compared to 52,278,473,000 UAH in January–September 2025.
The accumulated loss as of the end of September 2026 amounted to 82 billion 282.596 million UAH.
As previously reported, AMKR ended January–March 2026 with a net loss of 4 billion 599.057 million UAH, an increase of 54.8% compared to the same period in 2025, when it amounted to 2 billion 970.387 million UAH. Revenue from ordinary operations during this period amounted to 13,244.044 million UAH, compared to 15,063.014 million UAH in January–March 2025.
AMKR ended January–June of this year with a net loss of 6,641.858 million UAH, an increase of 57.4% compared to the first half of last year, when it amounted to 4,219.136 million UAH. Revenue from ordinary operations for this period amounted to 32 billion 839.717 million UAH, compared to 33 billion 818.076 million UAH in January–June 2025.
AMKR ended 2025 with a net loss of 8 billion 896.797 million UAH, whereas in 2024 it amounted to 8 billion 848.963 million UAH. Revenue from ordinary operations for 2025 reached 70,634,443,000 UAH, compared to 64,591,407,000 UAH in 2024.
At the same time, AMKR ended 2025 with a consolidated net loss of 8 billion 887.789 million UAH, compared to 8 billion 841.794 million UAH in 2024. At the same time, consolidated income from ordinary activities amounted to 70,627,356 million UAH in 2025, compared to 64,599,685 million UAH in 2024. The consolidated uncovered loss as of the end of last year stood at 32,927,580 million UAH.
In 2024, the plant reduced its consolidated net loss by 25.5% compared to 2023—to 8 billion 841.812 million UAH from 11 billion 875.984 million UAH. At the same time, net revenue decreased by 54.3%—to 64,599,685,000 UAH from 41,873,521,000 UAH.
“ArcelorMittal Kryvyi Rih” is the largest producer of rolled steel in Ukraine. It specializes in the production of long products, in particular rebar and wire rod.
ArcelorMittal owns Ukraine’s largest mining and metallurgical complex, “ArcelorMittal Kryvyi Rih,” and a number of smaller companies, including PJSC “ArcelorMittal Beryslav.”
According to the company, ArcelorMittal Duisburg GmbH (Germany) owns 95.128% of its shares.
The steel complex’s authorized capital is 3 billion 859.533 million UAH.
ARCELORMITTAL KRYVYI RIH, KRYVYI RIH, LOSS, METALLURGY, STEEL
