Metinvest Holding

Metinvest is an international vertically integrated mining and metallurgical company that owns enterprises in Ukraine, Europe and the USA and controls each stage of the production chain - from ore and coal mining, coke production, steel smelting to the production of flat, long and shaped rolled products, the manufacture of large diameter pipes. Metinvest is the largest company in Ukraine according to Forbes and ranks 6th in the ranking of the largest companies in Central and Eastern Europe Deloitte TOP-500 in 2010.

Metinvest is the largest in Ukraine and one of the largest producers of iron ore and steel in the CIS. The company is one of the ten largest producers of LRW and sheet steel, and ranks 24th among the largest metallurgical companies in the world according to the World Association of Steel Producers (worldsteel). In November 2010, Metinvest completed a deal to merge with MMK Ilyich, which allowed to double the production capacity for steel smelting to more than 15 million tons per year.

Vertically Integrated Mining and Metallurgical Group of Companies METINVEST

Performance indicators

2022: Losses - $2 billion

The largest producer of iron ore and steel in Ukraine, Metinvest (its key shareholder is businessman Rinat Akhmetov), ended 2022 with a net loss of more than $2 billion, while a year earlier there was a net profit of $4.76 billion. The group's revenue in comparison with these periods decreased 2.2 times - to $8.29 billion compared to $18 billion a year earlier. The revenue of the metallurgical sector decreased 2.5 times - to $5.8 billion, the mining sector - 1.8 times and amounted to $3.47 billion. Such data are contained in the holding's reports, which were released at the end of March 2023.

According to TASS, citing materials from Metinvest, in 2022 the group wrote off assets worth $1.28 billion and received a loss from a change in the exchange rate in the amount of $1.15 billion. Among the assets written off, the company names the Ilyich Metallurgical Plant and Azovstal in Mariupol, which Ukrainian forces turned into fortified areas during the hostilities.

Iron ore and steel producer Metinvest ended 2022 with a net loss of more than $2 billion

It was also reported about the decision to suspend almost all current strategic projects due to the military conflict in Ukraine. Investments in maintenance in January-June 2022 decreased by 47% compared to the same period in 2021, while investments in strategic projects decreased by 57%.

A large loss at the end of 2022 in the holding was called associated with hostilities in Ukraine, which caused a reduction in production and the loss of some assets. Earlier, the Metinvest group reported that compared to 2021, by the end of 2022, it reduced the production of cast iron and steel by 72% and 69%, respectively. Finished product production in 2022 decreased by 62% compared to the previous year - to 2.78 million tons.^[1]

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