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 ($m) 648 333 500
Coupon Rate (% p.a.) 8.50% 7.65% 7.75%
Coupon Frequency S/A S/A S/A
Maturity date 4/23/2026 10/1/2027 10/17/2029
Ratings: Fitch/Moody`s/S&P CCC-/—/CCC+ CCC-/—/CCC+ CCC-/—/CCC+
Market Price* ($) 88.50 80.00 75.75
Market YTM* 29.00% 19.70% 16.00%
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

Aug 13, 2025
| Metals & Mining

Daily steel production drops 10% m-o-m to 19 kt in July

Daily crude steel production in Ukraine fell 9.6% m-o-m in July to 18.7 kt, reversing a 1.0% increase in June, bringing monthly output to 581 kt (-6.6% m-o-m, -18% y-o-y) and cumulative 7M25 output to 4.3 Mt (-7.0% y-o-y). Finished and semi-finished steel production totaled 552 kt in July (-2.0% m-o-m, -6.2% y-o-y) and 3.6 Mt in 7M25 (-2.8% y-o-y). Hot metal production reached 692 kt in July (+4.6% m-o-m, +11% y-o-y) and 4.4 Mt in January–July (+6.7% y-o-y).
Aug 07, 2025
| Metals & Mining

Metinvest — Reports 2Q25 operating results

Metinvest reported 2Q25 iron ore production of 3.9 Mt, up 2.5% q-o-q but down 3.0% y-o-y, bringing 1H25 output to 7.7 Mt (+13% h-o-h, -13% y-o-y). Crude steel production fell 14% q-o-q and 27% y-o-y to 420 kt in 2Q25, with 1H25 output down 14% h-o-h and 13% y-o-y to 908 kt. Finished and semi-finished product volumes were down 1.8% q-o-q and 7.0% y-o-y in 2Q25 to 756 kt, but up 4.7% h-o-h and down 2.4% y-o-y in 1H25.
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