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 2026 2027 2029
Issue Volume ($m) 648 333 500
Coupon Rate (% p.a.) 8.50% 7.65% 7.75%
Coupon Frequency S/A S/A S/A
Maturity date 4/23/2026 10/1/2027 10/17/2029
Ratings: Fitch/Moody`s/S&P CCC/—/CCC+ CCC/—/CCC+ CCC/—/CCC+
Market Price* ($) 89.50 81.00 77.00
Market YTM* 24.20% 18.40% 15.30%
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

Jul 09, 2025
| Metals & Mining

Metinvest — Fitch downgrades issuer default rating by one notch to CCC-

Fitch Ratings downgraded Metinvest’s Long-Term Issuer Default Rating (IDR) to CCC- from CCC, citing heightened refinancing risk related to its $428m Eurobond maturing in April 2026. The agency does not expect the company to have sufficient liquidity to repay the notes at maturity, although it sees no issues with continued coupon payments. Fitch projects a material decline in adjusted EBITDA to approximately $500m in 2025, down from $910m in 2024 ($957m reported by Metinvest), primarily due to the suspension of operations at the Pokrovske coal mine. As a result, the company is expected to generate negative free cash flow this year, with end-2025 cash forecast to fall to $320m from $657m at end-2024. Fitch estimates 2025 output at 3.4 Mt of steel products and 16 Mt of iron ore products, and assumes annual CAPEX of $210m during 2025-2027 with no dividend payments.
Jun 19, 2025
| Metals & Mining

Metinvest — Redeems 2025 Eurobond

Metinvest has repaid the remaining outstanding amount of its 2025 Eurobonds, estimated at EUR 87m (vs. EUR 300m at issuance), along with the scheduled coupon payment.
Contact us at +38 (044) 490 7120 for more information

or