Metinvest supplies iron ore to SSAB’s Finnish plant

Swedish company receives raw materials under annual contracts

Since the start of the war, Metinvest Group has had to rebuild its logistics and partially reorient itself to new markets. In particular, the Group has started supplying iron ore to SSAB, a Swedish steel company located in Finland.

Dmitry Nikolayenko, Metinvest’s Chief Commercial Officer, told this in an interview with FAQ Talks.

The Scandinavian countries have become one of the most important areas of sales market expansion for Metinvest.

“The European market remains our main sales market. Most of our customers are located in Eastern Europe, but during the war we were also able to find new buyers for our iron ore. For example, SSAB, to which we ship ore to their Finnish plant through Polish ports,” he said.

According to him, SSAB has become one of the regular customers with whom Metinvest works under annual contracts.

SSAB is a Swedish steel company, one of the largest steel companies in Europe with offices in more than 40 countries. It specializes in the production of high quality high-strength steels. Annual steel output is over 8 million tons. The company is headquartered in Stockholm.

Last year, Metinvest’s mining segment increased its exports by 39% – to $2.5 billion in financial terms and by 73% to 20.7 million tons in physical terms.

As previously reported, Metinvest Group topped the rating of Ukraine’s largest exporters in 2024 according to Forbes Ukraine.

Thus, in 2024, exports of Ukrainian mining and metals products amounted to $7.3 billion. Metinvest, together with Zaporizhstal, accounted for almost $3.9 billion of this amount. The company exports iron ore raw materials, flat products and semi-finished steel products to 51 countries, including the markets of India, Sweden and Norway, which it entered last year.

Metinvest also remains the largest taxpayer in the industry: in 2024 alone, the company paid UAH 19.8 billion to budgets of all levels, accounting for 61% of the total taxes in the steel industry.