Ukraine offers a wide range of investment opportunities across various industries, including rare earth metals mining, agriculture, automotive manufacturing, and household appliance production. However, according to Metinvest Group CEO Yuriy Ryzhenkov, investments in metallurgy are impossible without security guarantees, and the industry cannot fully develop without continuous investment.
In an interview with BBC Talking Business, he stated that since 2022, Metinvest has lost about 40% of its assets, including Ukraine’s largest steel plants—Azovstal and Ilyich Iron and Steel Works. The blockade of Black Sea ports caused logistical disruptions, but deliveries were restored in 2023-2024, allowing Metinvest to operate at full capacity, supplying products to Europe and the Far East.
The company also faced significant challenges in 2023 due to power supply disruptions and unstable electricity prices. To minimize losses, Metinvest had to shut down less energy-efficient facilities. Ryzhenkov noted that this was a major challenge for engineers, who had to maintain production while preventing industrial accidents.
A key issue remains the high cost of electricity, which severely impacts iron ore mining—a crucial sector for Ukraine’s economy. One of Metinvest’s mining and processing plants halted operations in mid-2023 and remains idle.
Despite these difficulties, Metinvest paid UAH 20 billion in taxes in 2024, a 36% increase from the previous year. Since 2022, the company has invested over UAH 30 billion in capital projects in Ukraine, making it the country’s second-largest investor.
