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 ($m) 300 648 333 500
Coupon Rate (% p.a.) 5.625% 8.50% 7.65% 7.75%
Coupon Frequency S/A S/A S/A S/A
Maturity date 6/17/2025 4/23/2026 10/1/2027 10/17/2029
Ratings: Fitch/Moody`s/S&P CCC/Caa3/CCC+ CCC/Caa3/CCC+ CCC/Caa3/CCC+ CCC/Caa3/CCC+
Market Price* ($) 89.50 80.00 72.00 69.50
Market YTM* 15.90% 20.90% 18.90% 16.30%
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

Mar 19, 2024
| Metals & Mining

Metinvest – 2023 EBITDA down 54% y-o-y to $861m

Metinvest reported 2023 sales of $7.4bn (-11% y-o-y), including metallurgical segment revenue of $4.8bn (-15% y-o-y) and mining segment revenue of $2.6bn (-1% y-o-y). EBITDA fell by 54% y-o-y to $861m, with metallurgical EBITDA shrinking by 40% y-o-y to $159m and mining EBITDA halving y-o-y to $770m.
Feb 29, 2024
| Metals & Mining

Metinvest — Buys back and cancels part of 2025 bonds

Metinvest has repurchased and cancelled EUR 61.4m of its 2025 Eurobonds, reducing the outstanding total to EUR 234m.
Contact us at +38 (044) 490 7120 for more information

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