Metinvest maintained relative stability in production in 2025

In 2025 results, Metinvest Group reduced steel production by 4% compared to 2024, to 2.02 million tons. Pig iron production decreased by 2% year-on-year, to 1.78 million tons, according to the company’s report.

In Q4, pig iron production remained at the previous quarter’s level (496,000 tons), while steel production increased by 3% quarter-on-quarter to 564,000 tons. The company notes that the slight annual decline was due to the overhaul of blast furnace No. 9 at Kametstal in April-June.

The output of commercial steel products in 2025 increased by 8% y/y to 3.27 million tons. In particular, flat steel production amounted to 1.11 million tonnes (+20% y/y) thanks to the resumption of hot-rolled coil production at Ferriera Valsider (Italy) and the stable performance of Metinvest Trametal and Spartan UK. Long products increased by 7% y/y – to 1.32 million tonnes due to increased volumes at Kametstal and stable operations at Promet Steel (Bulgaria). At the same time, semi-finished products output decreased by 3% y/y – to 839 thousand tonnes due to lower steel production and increased internal consumption of billets.

In Q4, 884 thousand tons of steel products were produced (+3% y/y), including 291 thousand tons of flat rolled products (+10% q/q), 322 thousand tons of long products (-1% q/q), and 271 thousand tons of semi-finished products (+1% q/q).

In the mining segment, the production of total iron ore concentrate remained at the previous year’s level of 15.69 million tons. The shutdown of operations at the Ingulets Mining and Processing Plant in July 2024 was offset by increased production at the Hannivskyi quarry. Commercial output increased by 3% y/y – to 15.23 million tons, of which 8.89 million tons (+1% y/y) was concentrate and 6.33 million tons (+5% y/y) was pellets.

In Q4, total iron ore concentrate output amounted to 3.98 million tons (+0% q/q), commercial output – 3.77 million tons (-4% q/q), of which 2.43 million tons accounted for iron ore concentrate (+9% q/q) and 1.34 million tons for pellets (-21% q/q). The decline in pellet production was caused by a temporary shutdown of one of the roasting machines due to damage to the power system caused by shelling.

Coke output declined to 1.1 million tonnes over 12 months (-2% y/y) and by 3% q/q in Q4, to 279,000 tonnes. The reason for the decline was the decommissioning of coke oven battery No. 1 at Kametstal, which was partially offset by increased output at Zaporizhzhia Coke.

In the coal concentrate segment, production figures were significantly affected by the security situation. In December 2024, due to the intensification of hostilities and the approach of the front line, the production site of the Pokrovsk Coal Group in Pishchane was suspended, and subsequently, the mine and enrichment plant were suspended due to power supply interruptions. In addition, in 2025, the group excluded United Coal Company (USA) from its reporting due to the asset being in the final stages of sale, which also affected the structure of the coal segment.

It should be noted that in 2024, Metinvest increased steel production by 4% compared to 2023, to 2.099 million tons.

Pig iron production increased by 3% year-on-year, to 1.82 million tons. The output of commercial steel products decreased by 3% y/y – to 3.02 million tonnes, iron ore concentrate increased by 42% y/y – to 15.73 million tonnes, and coal concentrate decreased by 22% y/y – to 4.28 million tonnes.