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 2023 2025 2026 2027 2029
Issue Volume ($m) 945 300 648 333 500
Coupon Rate (% p.a.) 7.75% 5.625% 8.50% 7.65% 7.75%
Coupon Frequency S/A S/A S/A S/A S/A
Maturity date 4/23/2023 6/17/2025 4/23/2026 10/1/2027 10/17/2029
Ratings: Moody`s/S&P/Fitch CCC/-/NR CCC/-/NR CCC/-/NR CCC/-/NR CCC/-/NR
Market Price* ($) 52.00 45.00 45.00 45.00 44.50
Market YTM* 179.40% 45.40% 37.90% 29.20% 24.80%
Spread over UST* - - - - -
Note: *Based on bid price.
Year 2020 2021E 2022E
Net Sales ($m) 10,453 *** ***
EBITDA ($m) 2,204 *** ***
Net Income ($m) 526 *** ***
EBIT Coverage Ratio (x) 4.76 *** ***
Net Debt/Equity (%) 45.2% *** ***

Latest news about Metinvest

Sep 29, 2022
| Metals & Mining

Metinvest — Fitch affirms at CCC, notes support from diversified asset base

Fitch Ratings affirmed Metinvest’s Long-Term Foreign, Local Currency Issuer Default Ratings and senior unsecured rating at CCC. The rating action reflected heightened operating risk for the company following the Russian invasion of Ukraine, damage to its asset base, and severe logistical constraints. Fitch noted that the company is sufficiently funded over the next six months, helped by cash generation from its international assets, low near-term maturities, and the existing cash position.
Sep 07, 2022
| Metals & Mining

Metinvest — Continues to service debt thanks to diversified asset base

Metinvest officially confirmed its payment of a $12.7m Eurobond coupon on Sep. 1. The company also said that its diversified asset base, which includes assets in iron ore, steel and coking coal located in Ukraine as well as the EU, the UK and the US, enabled the group to service its debt on schedule.
Contact us at +38 (044) 490 7120 for more information