Metinvest, Ukraine’s largest mining and metallurgical holding company, reported a 7% decrease in steel production for January–March of this year compared to the same period last year—down to 454,000 tons from 488,000 tons— but maintained pig iron production at 438,000 tons (436,000 tons in Q1 2025).
According to a press release from the parent company Metinvest B.V. on Thursday regarding operating results for the first quarter of 2026, due to the start of the Russian Federation’s large-scale military aggression against Ukraine on February 24, 2022, the capacity utilization of the group’s Ukrainian enterprises continues to be affected by security factors, personnel availability, power supply, as well as logistical and economic factors.
It is noted that in January–March 2026, pig iron and steel production at Kametstal decreased by 12% and 20%, respectively, compared to the previous quarter—to 438,000 tons and 454,000 tons, due to unstable power supply in January–February 2026.
In addition, it is reported that in the first quarter of 2026, production of commercial semi-finished products amounted to 185,000 tons, which is 32% less than in the previous quarter due to a decrease in the output of commercial billets against the backdrop of lower steel production volumes and the prioritization of its consumption in subsequent production stages; at the same time, this was partially offset by a 2.2-fold increase in commercial pig iron production.
However, production of commercial semi-finished products was 7% higher than in the same period of 2025, thanks to a 96% increase in commercial pig iron production.
Overall, in the first quarter of 2026, finished product production increased by 8% compared to the previous quarter and by 11% compared to the same period in 2025—reaching 660,000 tons. In particular, flat-rolled steel production amounted to 292,000 tons, matching the previous quarter’s level and representing a 12% increase compared to the same period last year, driven by the resumption of hot-rolled coil production at Ferriera Valsider and an increase in orders for hot-rolled thick plate.
Long product production amounted to 349,000 tons, an 8% increase compared to the previous quarter and a 4% increase compared to the same period last year, thanks to increased volumes at Kametstal and Promet Steel (Bulgaria); Pipe production amounted to 19,000 tons following the acquisition of the Tubular Iasi pipe plant (Romania) in December 2025.
In the first quarter of 2026, coke output decreased by 8% compared to the previous quarter and by 2% compared to the same period in 2025, to 256,000 tons, due to delays in coal deliveries amid unstable power supply.
In the first quarter, total iron ore concentrate production decreased by 2% compared to the previous quarter, to 3.882 million tons. Output of commercial iron ore products fell by 7%—to 3.521 million tons—due to unstable power supply during the reporting period. Specifically, iron ore concentrate production fell by 9% to 2.225 million tons; iron ore pellet production decreased by 3% to 1.296 million tons.
In the first quarter of 2026, total iron ore concentrate output decreased by 2% compared to the previous quarter, to 3.882 million tons. Commercial iron ore production decreased by 7% to 3.521 million tons due to unstable power supply during the reporting period. Specifically, iron ore concentrate production fell by 9% to 2.225 million tons; iron ore pellet production decreased by 3% to 1.296 million tons.
In the first quarter of this year, total iron ore concentrate production increased by 2% compared to the same period last year, while commercial iron ore output decreased by 6%. Production of iron ore pellets decreased by 24% due to the temporary shutdown of one of the roasting machines caused by damage to the power supply systems. As a result, the volume of marketable iron ore concentrate output increased by 8%.
As reported, Metinvest increased steel production by 4% in January–March 2025, to 488,000 tons. Total iron ore production for this period decreased by 15% compared to January–March 2024 but increased by 11% compared to the previous quarter, reaching 3.761 million tons. At the same time, production of commercial iron ore concentrate (IOC) decreased by 27% compared to the first quarter of 2024 and increased by 7% compared to the previous quarter, reaching 2.064 million tons. Overall, total IOC production in the first quarter of 2025 decreased by 21% compared to the first quarter of 2024 and increased by 17% compared to the previous quarter, reaching 3.815 million tons.
At the same time, Metinvest increased its production of pellet feed by 7% compared to the first quarter of 2024 and by 9% compared to the fourth quarter of 2024, reaching 1.697 million tons, but reduced its total output of coking coal concentrate by 52% compared to the first quarter of 2024 and by 51% compared to the previous quarter, to 518,000 tons. Coke production in January–March 2025 decreased by 8% compared to the first quarter of 2024 and by 6% compared to the fourth quarter of 2024, to 260,000 tons.
In the first quarter of 2025, Kametstal’s pig iron production amounted to 436,000 tons, production of commercial semi-finished products to 173,000 tons, and production of finished products to 597,000 tons. Specifically, production of flat products was 261,000 tons, and long products reached 336,000 tons.
It was also reported that in 2025, Metinvest reduced steel production by 4% compared to the previous year—to 2.018 million tons—and pig iron production by 2%, to 1.782 million tons. In 2025, output of commercial semi-finished products decreased by 3% compared to the previous year—to 839,000 tons. At the same time, commercial pig iron output doubled to 84,000 tons.
In 2025, finished product output increased by 13% compared to 2024—to 2.429 million tons. Specifically, flat-rolled steel production increased by 20%—to 1.107 million tons, while long-rolled steel production rose by 7%—to 1.322 million tons. Coke production decreased by 2% to 1.100 million tons.
In 2025, total iron ore concentrate production was comparable to the previous year’s volume and amounted to 15.695 million tons.
Metinvest is a vertically integrated group of mining and metallurgical enterprises. Its facilities are located in Ukraine—in the Donetsk, Luhansk, Zaporizhzhia, and Dnipropetrovsk regions—as well as in European Union countries, the United Kingdom, and the United States. 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.
Steel production in China fell by 6.3% in March compared with the same month last year, to 87.04 million tonnes, according to the country’s National Bureau of Statistics. In the first quarter, steel production fell by 4.6% to 247.55 million tonnes.
Steel exports in March fell by 12.6% to 9.13 million tonnes, and by 9.9% over the three-month period to 24.71 million tonnes.
Pig iron output last month fell by 3.3% to 73.28 million tonnes. In January–March, it fell by 2.9% to 210.98 million tonnes.
Steel product output in March fell by 2.3% to 130.98 million tonnes, and by 1.7% in the first quarter to 351.44 million tonnes.
As reported, by the end of 2025, steel production in China had fallen by 4.4% to 960.81 million tonnes, the lowest level in seven years.
According to preliminary data, Ukrainian metallurgical companies reduced steel production in January-February of this year by 13.2% compared to the same period last year, to 1.026 million tons.
According to information from the Ukrmetallurgprom association on Monday evening, 515,000 tons of steel were produced in February, compared to 511,100 tons in the previous month.
As reported, Ukrainian steel companies reduced steel production by 2.2% in 2025 compared to 2024, to 7.409 million tons.
In 2024, Ukraine increased steel production by 21.6% compared to 2023, to 7.575 million tons.
In 2023, Ukraine reduced steel production by 0.6% compared to 2022, to 6.228 million tons.
In 2022, the country reduced steel production by 70.7% compared to 2021, to 6.263 million tons.
In pre-war 2021, 21.366 million tons of steel were produced, which was 103.6% of the 2020 level.
In 2025, the Metinvest mining and metallurgical group reduced steel production by 4% compared to the previous year, to 2.018 million tons. The decline was due to the large-scale war, reduced electricity supply, as well as logistical and economic factors.
According to the group’s annual report, the parent company Metinvest B.V. reported that based on the results of operating activities for Q4 2025 and for the year as a whole, in Q4, pig iron production at Kametstal remained at the level of the previous quarter and amounted to 496,000 tons, while steel production increased by 3% to 564 thousand tons.
At the same time, it is noted that in 2025, pig iron and steel production decreased by 2% and 4%, respectively, compared to the previous year and amounted to 1.782 million tons and 2.018 million tons. The slight decrease was due to the overhaul of blast furnace No. 9 at Kametstal in April-June 2025.
It is also noted that in Q4 2025, the volume of commercial semi-finished products remained almost at the level of the previous quarter and amounted to 271 thousand tons. At the same time, commercial pig iron production decreased by 41% due to increased consumption in subsequent stages, which led to an 8% increase in the output of commercial billets.
In 2025, the output of semi-finished products decreased by 3% compared to the previous year, to 839 thousand tons, due to a decline in steel production and an increase in domestic consumption of billets in subsequent stages of production. At the same time, the output of commercial cast iron doubled and amounted to 84 thousand tons.
In Q4 2025, finished product output grew by 4% compared to the previous quarter and amounted to 613 thousand tons, due to scheduled overhauls at rolling mills in Italy and Bulgaria in August. In particular, flat steel production grew by 10% to 291,000 tons, while long steel production remained almost unchanged at 322,000 tons.
In 2025, finished product output grew by 13% compared to 2024, reaching 2.429 million tons. In particular, flat steel production increased by 20% to 1.107 million tonnes thanks to the resumption of hot-rolled coil production at Ferriera Valsider (Italy) and the efficient operation of Metinvest Trametal (Italy) and Spartan UK (Great Britain). Long product production increased by 7% to 1.322 million tonnes due to increased volumes at Kametstal and the stable performance of Promet Steel (Bulgaria).
In Q4 2025, coke production decreased by 3% compared to the previous quarter to 279 thousand tonnes. Overall, coke production declined by 2% over the past year to 1.100 million tons compared to the previous year due to the decommissioning of coke oven battery No. 1 at Kametstal. This was partially offset by a 23% increase in coke production at Zaporizhzhya Coke Plant to 898,000 tons.
It is also reported that in Q4 2025, total iron ore concentrate production remained almost at the level of the previous quarter and amounted to 3.981 million tons, while the output of commercial iron ore products decreased by 4% to 3.773 million tons. The production of iron ore pellets decreased by 21% to 1.339 million tons due to the temporary shutdown of one of the roasting machines as a result of damage to the power supply systems caused by shelling. As a result, the output of commercial iron ore concentrate increased by 9% to 2.434 million tons.
In 2025, total iron ore concentrate production was comparable to the previous year’s volume and amounted to 15.695 million tons. At the same time, the shutdown of operations at the Ingulets quarry in July 2024 was offset mainly by increased production at the Hannivsk quarry. Production of commercial iron ore products increased by 3% to 15.229 million tons, with commercial pellets increasing by 5% and concentrate production remaining virtually unchanged.
In December 2024, due to the intensification of hostilities and the approach of the front line, the production site of the Pokrovsk Coal Group, located in Donbas, was suspended. Subsequently, against the backdrop of power supply disruptions and a further deterioration in the security situation, the production activities of the mine and enrichment plant were suspended.
In addition, the group is in the final stages of selling United Coal Company (USA). In this regard, the asset was deconsolidated starting with the financial statements for the first half of 2025.
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 US. 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.
According to Serbian Economist, the authorities of Bosnia and Herzegovina are considering the introduction of a temporary duty of 30% on imports of steel and steel products for a period of 200 days. The proposal was prepared by the Ministry of Foreign Trade and Economic Relations at the request of Nova Željezara Zenica, the final decision after public consultations should be made by the Council of Ministers of BiH.
The initiative is explained by a sharp increase in the supply of certain categories of metal products. According to the Ministry, in 2025, imports of reinforcement mesh in BiH increased by 192.87% compared to the average of the previous four years, with Serbia being the largest supplier, with more than 9,000 tons, which is 408% higher than the 2021-2024 average. In second place was Italy (7,794 tons, about double the previous level).
Separately, the dynamics of imports from Turkey are pointed out: the supply of rebar in coils in 2025 increased by 885% relative to the four-year average, while imports of bars increased by 229.56%. The ministry believes that this creates pressure from foreign producers and leads to underutilization of local capacity.
In an explanation of the initiative, the ministry notes the risk of increased dependence of the construction sector on imports and warns of possible consequences, including job cuts, lower budget revenues, falling investment and higher prices on the domestic market.
The decision is being discussed against the backdrop of Serbia’s recent protective measures: as of January 1, 2026, Belgrade introduced a temporary import quota scheme for a number of iron and steel products (as well as Portland cement) with an additional duty of 50% on shipments above the quotas.
Nova Željezara Zenica itself, acquired last year by H&P Zvornik (Pavgord Group), had previously initiated bankruptcy proceedings against the company, explaining that it had been insolvent for a long time.
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The Kametstal plant, part of the Metinvest mining and metallurgical group (Kamensk, Dnipropetrovsk region) took into account the demands of the Ukrainian and European markets in 2025, expanding its range of continuously cast billets (CCB) by four items and its range of sought-after rolled products by three items.
According to the company, in 2025 Kametstal once again confirmed its leading position among Metinvest’s metallurgical enterprises in terms of the number of new products developed. Of the 11 new types of metal products brought to market, seven are the work of the Kametstal team.
It is specified that the achievements of the steelmakers of the converter shop include four new steel grades: 10U1, 20U, 26G2TR, and S355NL-1N with enhanced requirements for chemical composition, primarily in terms of sulfur and phosphorus content.
The casting of new steel grades into continuously cast billets with a cross-section of 335×400 mm has been mastered at continuous casting machine No. 2, where the reconstruction of electrical equipment was completed last year. This, in particular, contributed to the stabilization of the casting speed and, consequently, to the improvement of the cutting accuracy of billets, minimizing metal waste. The purpose of the new semi-finished products is the manufacture of round rolled products and their further processing into seamless pipes for critical applications.
The rolling mill team offered Ukrainian and European consumers three new product ranges that had not previously been produced at the plant. First and foremost, these are 8-32 mm diameter rebars for the Polish and Romanian markets, the production of which has been mastered on the 400/200 mill. Thanks to certification in accordance with the building standards of these countries, Metinvest has already shipped more than 100,000 tons of B500SP class rebar to Poland in 2025.
The ball mill has mastered the production of 100 mm diameter grinding balls with high surface and volume hardness, which corresponds to the fifth group. By experimentally determining the optimal heat treatment mode after rolling, specialists have achieved stable production of products with increased wear resistance, which is necessary for the stable and efficient operation of the company’s mining and processing plants.
Kametstal is part of the Metinvest Group.
