Ukrainian Metinvest Reduces Debt by $620 Million from 2022 — CEO

Metinvest BV (Netherlands), the parent organization of the mining and metallurgical group Metinvest, has reduced its liabilities by more than USD 620 million from 2022.

As the company's CEO Yuri Ryzhenkov pointed out in the annual report, despite the concerns and uncertainty caused by the conflict, the past year has seen results that demonstrate Metinvest's resilience and ability to adapt in difficult conditions.

“Metinvest's truly global team demonstrated remarkable strength and unity. We maintained our position as a leading exporter and pillar of Ukraine, while remaining one of the largest donors to the country's defense efforts. In 2024, Metinvest benefited from operational changes made possible by the resumption of shipping in the Black Sea. This significant event formed the basis of our results for the year,” Ryzhenkov said.

When the full-scale war began in 2022, the company focused on reworking logistics and business processes, he said. By 2023, Metinvest had adapted to the new conditions, and in 2024, operational improvements exceeded $200 million.

“Even in the midst of war, Metinvest continued to reduce its debt. Despite all the uncertainty, the Group has repaid over $620 million of debt since the start of the full-scale invasion, demonstrating our strong commitment to our partners. Together with our partners, we have also made progress on the Adria project, our plan to build a modern green steel mill in Piombino, Italy. It is designed to bring significant benefits to all stakeholders by prioritizing innovative technologies and sustainable business practices,” Ryzhenkov added.

At the same time, the CEO acknowledged that despite these notable achievements, the company faced many challenges, including energy shortages, underutilization of some production assets and pressure on margins in the second half of the year. Moreover, due to the deteriorating safety situation at the end of 2024, Metinvest decided to suspend operations at Pokrovsky Coal.

“Like the rest of the world, we are closely monitoring the latest news, including expectations regarding the possibility of a ceasefire. Whatever happens in the coming weeks and months, we will maintain our unwavering faith in the Ukrainian Armed Forces and remain committed to the final restoration of Ukraine. We honor our defense force personnel, whose number has grown to more than 8,000, including workers in joint ventures,” Ryzhenkov wrote in his commentary.

As of December 31, 2024, Metinvest's total debt amounted to $1.705 billion, down 14% from $1.981 billion in 2023, mainly due to a significant reduction in bond liabilities and reduced reliance on trade finance. Net debt to EBITDA decreased to 1.1x (down 0.5x from the previous year) and amounted to $1.048 billion (down 21% from $1.335 billion in 2023).