Metinvest

Metinvest is a vertically integrated mining and steel group with assets in Ukraine, the EU and the United States. It manages the entire industry value chain, from mining and processing iron ore and coal to manufacturing and selling semi-finished and finished steel products. Metinvest is owned by Ukrainian conglomerate System Capital Management (71% stake) and Smart Holding, another local business group (24%). The company benefits from upstream integration in terms of iron ore (200% self-sufficiency), yet its coking coal and coke supply base was hit by the military conflict in the east, forcing Metinvest to rely on imports. Its U.S.-based United Coal Company secures long-term supplies of high quality coking coal. Metinvest is the leading producer of iron ore and coke in Ukraine and a top-10 iron ore producer globally.
Year 2025 2026 2027 2029
Issue Volume ($m) 300 648 333 500
Coupon Rate (% p.a.) 5.625% 8.50% 7.65% 7.75%
Coupon Frequency S/A S/A S/A S/A
Maturity date 6/17/2025 4/23/2026 10/1/2027 10/17/2029
Ratings: Fitch/Moody`s/S&P CCC/—/CCC+ CCC/—/CCC+ CCC/—/CCC+ CCC/—/CCC+
Market Price* ($) 97.00 89.50 82.00 78.50
Market YTM* 15.80% 20.10% 16.40% 14.20%
Spread over UST* - - - -
Note: *Based on bid price.
Year 2021 2022 2023
Net Sales ($m) 18,005 *** ***
EBITDA ($m) 7,044 *** ***
Net Income ($m) 4,765 *** ***
EBIT Coverage Ratio (x) 17.62 *** ***
Net Debt/Equity (%) 28.1% *** ***

Latest news about Metinvest

Feb 27, 2025
| Metals & Mining

January iron ore exports down 9% m-o-m to 3.1 Mt, steel exports stable at 286 kt

Ukraine’s iron ore exports fell by 9.2% m-o-m to 3.1 Mt in January, still up 0.5% y-o-y. In value terms, iron ore shipments shrank by 9.5% m-o-m to $247m (-17% y-o-y). Both the average export price of iron ore products and global benchmark price were flat m-o-m at $79/t (-17% y-o-y) and $97/t (-26% y-o-y), respectively.
Feb 14, 2025
| Metals & Mining

Metinvest — Iron ore production up q-o-q in 4Q24, steel lower on maintenance

Metinvest reported 4Q24 iron ore production of 3.5 Mt, up 4.4% q-o-q but down 2.4% y-o-y, bringing 2024 output to 15.7 Mt (+42% y-o-y).
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