Metinvest cut steel production by 20% in Q1

At the same time, production of finished rolled steel rose by 8% in January–March

According to its first-quarter 2026 results, Metinvest Group reduced steel production by 20% compared to the previous quarter, to 454,000 tons. Pig iron production during this period fell by 12% year-over-year, to 438,000 tons. This is stated in the company’s report.

Pig iron production for January–March remained at the same level as the same period last year. At the same time, steel production fell by 7% year-over-year due to unstable power supply in January–February 2026.

In the first quarter of 2026, production of commercial semi-finished products totaled 185,000 tons, which is 32% less than in the previous quarter. This is due to a decrease in the output of commercial billets against the backdrop of lower steel production volumes and the prioritization of steel consumption in subsequent stages of processing. However, this figure is 7% higher than the result for the same period in 2025, thanks to a 96% increase in commercial pig iron production.

Production of finished rolled steel in the first quarter of 2026 increased by 8% compared to the previous quarter and by 11% year-on-year, reaching 660,000 tons. Specifically:

• flat steel production totaled 292,000 metric tons, matching the previous quarter’s level and representing a 12% increase compared to the same period last year. This growth was driven by the resumption of hot-rolled coil production at Ferriera Valsider and an increase in orders for hot-rolled heavy plate;
• long product production amounted to 349,000 tons, which is 8% higher than in the previous quarter and 4% higher year-on-year. This positive trend was achieved thanks to increased production volumes at Kametstal and Promet Steel (Bulgaria);
• pipe production amounted to 19,000 tons following the acquisition of the Tubular Iasi pipe plant (Romania) in December 2025.

At the end of the first quarter of the year, total iron ore concentrate production decreased by 2% compared to the previous quarter and amounted to 3.9 million tons. Output of commercial iron ore products decreased by 7% – to 3.5 million tons due to unstable power supply during the reporting period. Specifically:

• iron ore concentrate production decreased by 9% – to 2.2 million tons;
• output of iron ore pellets decreased by 3% – to 1.3 million tons.

In January–March, iron ore concentrate production rose by 2% year-over-year, while commercial iron ore output fell by 6% year-over-year. Iron ore pellet production decreased by 24% year-over-year due to the temporary shutdown of one of the sintering machines following damage to the power supply systems. As a result, the volume of marketable iron ore concentrate output increased by 8% year-on-year.

Coke production in January–March 2026 decreased by 8% compared to the previous quarter and by 2% year-on-year, to 256,000 tons. This was caused by delays in coal deliveries amid unstable power supply.

As reported by GMK Center, in the first quarter of 2026, Metinvest paid UAH 4.3 billion in taxes and fees to budgets at all levels in Ukraine. The largest items were subsoil use fees (UAH 1.2 billion) and unified social tax (UAH 823 million). In total, since the start of the full-scale invasion, the company’s tax payments have reached nearly UAH 78 billion.