Ukrainian mining and steel producing group Metinvest has announced its consolidated financial results for the first half of this year.
In the given period, the company reported a net loss of $202 million, compared to a net loss of $58 million in the same period of the previous year, mainly due to higher net operating costs, a greater loss on the disposal of subsidiaries and increased finance costs, while its sales revenues amounted to $3.66 billion, rising by three percent year on year, mainly due to higher selling prices for steel and iron ore products and increased in-house shipments of semi-finished and finished steel products and merchant iron ore concentrate. In addition, Metinvest's EBITDA in the first six months came to $311 million, dropping by eight percent from $339 million recorded in the previous year, while it registered an operating profit of $73 million, compared to $203 million recorded in the first half of 2025.
During the first half, Metinvest's plants in Ukraine operated at varying utilization levels due to security, power supply, logistics and economic constraints. The company increased its capital expenditure by 13 percent year on year to $103 million, with maintenance accounting for 83 percent of total expenditure. Its key projects included progress on the beneficiation waste thickening project at Northern Iron Ore and overhauls at Kametstal.
After the reporting period, intensified missile and drone attacks increased security risks and disrupted commercial shipping through Black Sea ports, further constraining export and import logistics. Southern Iron Ore JV temporarily halted production, while missile strikes on Zaporizhstal and Kametstal in August and September caused fatalities and injuries and significant damage to production and supporting infrastructure, resulting in temporary shutdowns at the affected facilities. Metinvest stated that it plans to restore the facilities gradually and recommission blast furnaces step by step.
