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 ($m) 300 648 333 500
Coupon Rate (% p.a.) 5.625% 8.50% 7.65% 7.75%
Coupon Frequency S/A S/A S/A S/A
Maturity date 6/17/2025 4/23/2026 10/1/2027 10/17/2029
Ratings: Fitch/Moody`s/S&P CCC CCC CCC CCC
Market Price* ($) 77.50 70.00 65.00 61.00
Market YTM* 23.40% 25.10% 21.00% 18.80%
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

Aug 18, 2023
| Metals & Mining

Metinvest — Reports further operational growth in 2Q23

Metinvest published its 2Q23 and 1H23 operating results, reporting quarterly crude steel production of 541 kt (+10% q-o-q, +20% y-o-y) and 1H23 output of 1.0 Mt (-57% y-o-y). Output of finished and semi-finished steel products stood at 818 kt in 2Q23 (-1.3% q-o-q but +23% y-o-y), remaining 38% down y-o-y in 1H23. Coking coal concentrate production increased by 8.3% q-o-q and 37% y-o-y to 1.6 Mt for the quarter, falling 39% y-o-y to 1.1 Mt in 1H23. Similarly, coke production rose in 2Q23 (+3.8% q-o-q and +13% y-o-y to 330 kt) and fell in 1H23 (-40% y-o-y). Lastly, iron ore concentrate production totaled 2.4 Mt in 2Q23 (+5.9% q-o-q, -8.8% y-o-y) and 4.8 Mt in 1H23 (-46% y-o-y).
Jul 21, 2023
| Metals & Mining

Metinvest and Danieli to set up JV to produce green steel in Italy

Metinvest and Italian Danieli Group intend to set up a joint venture for the production of green steel in Italy. Preliminary CAPEX for the mill is expected at EUR 2bn.
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