Despite the loss of assets near the front line and a decline in production, the group has maintained its leadership position and increased investments.
The Metinvest Group topped the updated ranking of the 202 largest private companies in Ukraine, which, according to Forbes Ukraine, form the backbone of the national economy. This was reported by GMK Center, citing the company’s press release, as conveyed by the PromPolitInform portal.
The list includes only businesses with revenue of at least UAH 5.5 billion in 2024, which is 17% higher than the entry threshold in 2023. The ranking excludes state-owned enterprises, intermediaries of natural monopolies, companies with fewer than 50 employees, and those that had ceased operations as of the end of October.
According to the publication, Metinvest’s revenue in 2024 amounted to UAH 323.2 billion, allowing the company to remain the largest private business in the country. The top five also included DTEK, ATB, Kernel, and Fozzy Group.
Despite its leadership, the company operates under extremely difficult wartime conditions. Metinvest has already lost the Azovstal plant and the Ilyich Iron and Steel Works in occupied Mariupol. In 2025, it was forced to suspend operations at the Pokrovske Mine Administration and the Sviato-Varvarynska Processing Plant due to the proximity of the front line. This resulted in the loss of 3.1 million tonnes of in-house coking coal concentrate production and significant pressure on Ukraine’s entire metallurgical industry.
Approximately 6,000 employees from the Pokrovske asset are being reassigned to other enterprises — Zaporizhstal, Kametstal, and the Kryvyi Rih mining and processing plants. At the same time, due to the loss of mining output, the company once again reported losses. For January–June 2025, losses reached USD 58 million, compared to a profit of USD 179 million in the same period last year.
After cutting investments in 2024, Metinvest plans to increase investments in its Ukrainian assets to approximately USD 300 million in 2025. Key projects include the modernization of Blast Furnace No. 9 at Kametstal, the development of the Northern Mining and Processing Plant, and energy solutions. Meanwhile, abroad, the group is reducing its presence, preparing to sell United Coal Company in the United States.
It is worth recalling that Metinvest also led Forbes Ukraine’s ranking of the 202 largest businesses in Ukraine in 2024.
During January–September of the current year, the company paid UAH 13.8 billion in taxes and fees to budgets at all levels in Ukraine. Among the three largest contributions were payments for the use of subsoil resources, the unified social contribution, and personal income tax.
Since the beginning of Russia’s full-scale invasion, Metinvest has allocated more than UAH 9.7 billion to support the state and Ukrainian citizens, including over UAH 5.2 billion for the needs of the army within the framework of the Steel Front military initiative.
