Majority shareholder of polymer rolled steel producer Heavy Metal liquidates the company

On February 13, 2025, the majority shareholder of Heavy Metal JSC, which produces polymer-coated steel, decided to liquidate the company, even though the production is operating successfully. This is reported by Metipol.

“After a very successful year of work of JSC “Heavy Metal” with the highest tonnage of production and sales for the whole period of the Company’s activity such a decision looks an irrational and destroying one for the enterprise and the team,” the statement said.

On February 14, the new management of Heavy Metal JSC was appointed – CEO Gusak E.M. and Executive Director Fodchuk M.B., who are authorized to manage the company’s business and appointed as liquidators.

At the same time, Metipol Group remains on the market and intends to continue manufacturing galvanized and polymer-coated products. Heavy Metal JSC manages the Heavy Metal plant (Pervomaisk, Mykolaiv region), while Metipol still owns Module-Ukraine, a manufacturer of galvanized and painted thin sheet metal, which was acquired in the fall of 2021.

This is likely due to differences in management views. In the fall of 2020, the operational management of the Heavy Metal plant was transferred from Metipol to Maracortio Holdings Limited, a Cypriot company whose ultimate beneficiary was Tatiana Taruta. However, in the spring of 2021, the Metipol team returned to operational management of the plant.

In 2024, Metipol produced 28.5 thousand tons of finished products. The total number of coils painted amounted to 7.4 kt. The most popular metal was zinc-containing Zn 100, which accounted for almost 15 kt.

As GMK Center reported earlier, production and consumption of painted steel is one of the few market segments showing positive dynamics. It is expected that in 2024, the apparent consumption of painted steel in Ukraine may increase by 8.3% y/y – to 300 kt, compared to 277 kt in 2023. In turn, Ukrainian producers may increase production of these products to 100 kt, up 54% y/y from 65 kt in 2023.