In the first half of 2026, Ukraine’s Metinvest Group reported a net loss of $202 million, a significant increase from the $58 million loss recorded in the same period the previous year. Despite this financial setback, the company saw a 3% year-on-year increase in revenue, reaching $3.657 billion. These results were reported prior to the blockade of exports through Black Sea ports and the forced shutdown of the Southern Mining and Processing Plant, as well as missile strikes on Zaporizhstal and Kametstal in August and September, which halted operations at these metallurgical plants, according to GMK Center.
The negative financial results were primarily attributed to higher operational costs, losses from the liquidation of subsidiaries, and increased financial expenses. Notably, net operational costs rose by 9% to $3.588 billion, driven by operational currency losses from the revaluation of accounts payable and receivable ($149 million), increased raw material prices, particularly coking coal ($145 million), and rising energy costs ($101 million) amid escalating energy resource prices.
In terms of market performance, Metinvest’s sales in the Ukrainian market increased by 1%, while revenue from external markets grew by 4%. Sales in Europe saw an 11% year-on-year rise, totalling $1.69 billion in the first half of the year. Conversely, sales in Asia, predominantly in China, fell by 8%, and in the MENA region, they plummeted by 39% to $63 million.
Additional pressure on the company’s results came from losses related to the exit of subsidiaries, which surged to $86 million from $17 million the previous year, largely due to liquidation procedures for group structures in temporarily uncontrolled territories of Ukraine. Financial expenses also rose by 16% year-on-year to $152 million, mainly due to currency losses in financial activities.
Despite the reported loss, Metinvest successfully and timely repaid $428 million in Eurobonds in April, reducing its total debt by 27% to $1.057 billion since the beginning of the year. Since 2022, the group has fully repaid three bond issues amounting to over $1 billion without restructuring.
Between 2022 and 2025, Metinvest invested 43.6 billion UAH in the development of its enterprises and paid over 82.2 billion UAH in taxes. Furthermore, since the onset of the war, the company has directed more than 10 billion UAH to support Ukraine and its citizens, with 7.3 billion UAH allocated for the needs of the Defence Forces as part of the ‘Steel Front’ initiative. The company’s enterprises have also adapted to produce goods for the front, including protective equipment for military personnel and machinery.
