Metinvest BV, the Dutch-based parent company of Ukrainian mining and metallurgical giant Metinvest Group, has fully redeemed its 2025 Eurobonds, according to a stock market disclosure. The bonds were officially paid off on June 17.
Chief Executive Officer Yuriy Ryzhenkov noted that since the start of Russia’s full-scale invasion in 2022, Metinvest has repaid two bond series totaling nearly $600 million—a significant milestone considering the company continues to operate under extreme wartime conditions.
“These payments were made despite the war’s profound impact on the Group’s business model, including the loss of operational control and shutdown of certain assets in Ukraine,” Ryzhenkov told Interfax-Ukraine.
Metinvest, a vertically integrated group with operations across Ukraine (Donetsk, Luhansk, Zaporizhzhia, and Dnipropetrovsk regions), the EU, UK, and US, is majority-owned by SCM Group (71.24%) and Smart-Holding (23.76%).
In December 2024, Metinvest repurchased $16.27 million worth of its 2025 Eurobonds during an auction, buying them back at prices ranging from 86% to 92.5% of par value. Following the auction, €161.9 million in bonds remained outstanding.
The company explained the buyback was part of a broader strategy to manage its debt portfolio, smooth payment obligations, bolster resilience, and ease liquidity pressures amid the high-risk operating environment in Ukraine.
Despite these financial maneuvers, Metinvest reported a third consecutive annual loss in 2024, totaling $1.15 billion, mainly due to asset write-downs at Pokrovske Coal Group. In Q1 2025, steel output held steady, though coal production declined due to the situation in Pokrovsk, and iron ore concentrate volumes dropped by 21% compared to the same period in 2024.
