Metinvest posted a $202 million loss for H1 2026, prior to August-September missile strikes on its Zaporizhstal and Kametstal plants, as rising costs, port blockades, and EU trade limits squeeze operations.
Ukrainian mining and metallurgical group Metinvest reported a net loss of $202 million for the first half of 2026, a figure recorded before Russian missile strikes hit its Zaporizhstal and Kametstal plants in August and September.
Operational director Oleksandr Myronenko warned that the company has exhausted its resilience and is preparing for significant cutbacks, citing Russian shelling, port blockades, and EU protectionist policies as key pressures.
Production costs have risen 30% over the past year, while the European Union remains the only accessible foreign market, albeit with restrictions on steel imports. In Ukraine, only the Central and Northern Mining and Processing Plants (GZKs) remain operational, running at roughly 50% capacity.
The August-September attacks on Zaporizhstal and Kametstal further threaten output, compounding logistical challenges from the Black Sea port blockade and the loss of other export routes.
Metinvest's situation reflects the broader crisis facing Ukraine's metals sector, where wartime destruction, trade barriers, and soaring costs are eroding the industry's viability.
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