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 ($m) 300 648 333 500
Coupon Rate (% p.a.) 5.625% 8.50% 7.65% 7.75%
Coupon Frequency S/A S/A S/A S/A
Maturity date 6/17/2025 4/23/2026 10/1/2027 10/17/2029
Ratings: Fitch/Moody`s/S&P CCC/Caa3/CCC+ CCC/Caa3/CCC+ CCC/Caa3/CCC+ CCC/Caa3/CCC+
Market Price* ($) 90.50 80.50 71.50 69.00
Market YTM* 14.20% 20.00% 18.90% 16.40%
Spread over UST* - - - -
Note: *Based on bid price.
Year 2020 2021 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

Feb 20, 2024
| Metals & Mining

Metinvest — CEO comments on Russia’s capture of Avdiyivka, production plans

Metinvest CEO Yuri Ryzhenkov described Russia’s battlefield advances over the past week that resulted in the capture of the town of Avdiyivka near Donetsk “alarming”. The company’s Pokrovske Coal and Zaporizhstal steel mill are both located within 40 km of the current front line. On a different note, Ryzhenkov reiterated Metinvest’s plans to increase iron ore and steel production to 75% and 65% of capacity, respectively, this year, with labor shortages caused by conscription being a key obstacle.
Feb 19, 2024
| Metals & Mining

Metinvest — Iron ore production surges in 4Q23, coking coal output falls

Metinvest reported 4Q23 iron ore concentrate production of to 3.6 Mt, up 29% q-o-q and 255% y-o-y, bringing full-year output to 11.1 Mt (+3.5%). Crude steel production totaled 494 kt in 4Q23 (-1.0% q-o-q, +98% y-o-y, bringing full-year output to 2.0 Mt (-31% y-o-y), with the volume of finished and semi-finished products 0.7% q-o-q and up 30% y-o-y at 737 kt in 4Q23 and down 18% y-o-y to 3.1 Mt in 2023. Quarterly coking coal concentrate production fell by 11% q-o-q and 10.7% y-o-y to 1.1 Mt, rising by 10% y-o-y to 5.5 Mt for the full year. Lastly, coke production totaled 293 kt in 4Q23 (-2.0% q-o-q, +2.8% y-o-y) and 1.2 Mt in 2023 (-25% y-o-y).
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