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UA

Staying
the course

Annual Report 2024

01
STRATEGIC
REPORT
The reopening of the Black Sea helped Metinvest to stay the course throughout 2024. Restored seaborne trade lanes enabled the Group to serve long-standing customers, secure supplies and forge new partnerships worldwide.
02
SUSTAINABILITY
REPORT
Metinvest assisted with the repair of a war-damaged rail bridge that links its Ukrainian assets with key ports, enabling its logistics to stay the course. This restored link shortened transit routes and ensured that the Group’s products reached customers efficiently.
03
GOVERNANCE
REPORT
Throughout 2024, Metinvest maintained operations at Pokrovske Coal, providing vital supplies of high-quality coking coal. At the same time, it built up stockpiles and secured alternative suppliers. These measures ensured that the Group could stay the course when security concerns later required a suspension of coal mining activities.
04
INFORMATION
REPORT
Output from Metinvest’s assets located outside Ukraine enabled it to stay the course in 2024. These facilities delivered finished goods that complemented the Group’s overall production, providing continuity and stability amid challenging times.
05
FINANCIAL
REPORT
Metinvest’s output of iron ore products allowed it to stay the course in 2024. It made it possible for the Group to meet the requirements of its Ukrainian steelmaking operations while also laying the foundation for its longer-term ambitions.

ABOUT THE REPORT

This combined annual report for 2024 demonstrates Metinvest’s hardiness and adaptability amid a third year of the full-scale war in Ukraine.

The title, “Staying the Course”, speaks first to people. Thousands of employees in Ukraine kept plants, mines and offices running under the constant threat of shelling. Hundreds of veterans returned to rejoin their teams. Colleagues serving in Ukraine’s defence forces exemplified the country’s resilience. The employees of non-Ukrainian production assets and trading arms supported the Group’s business performance and humanitarian initiatives. Their collective determination stood behind every tonne shipped and every order fulfilled in 2024.

The theme is also anchored in logistics. During the year, the full effect of restored Black Sea navigation, achieved in late 2023, flowed through to volumes, operational improvements and financial results.

Yet seaborne trade was only part of the picture. Metinvest benefited from diverse factors that allowed it to stay the course. 

They are depicted visually in this report: vessel, carrying the Group’s products; a reconstructed bridge linking Metinvest’s operations in Ukraine to local ports; resilient production at Pokrovske Coal; reinforced operation of its iron ore facilities; and the strategic support of its assets outside Ukraine.

Together, the words and imagery aim to honour the Group’s efforts. They represent the grit and determination that allowed it to deliver results in 2024 while helping Ukraine to withstand the challenges of the full-scale invasion.

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CHAIRPERSON’S STATEMENT

Oleg Popov

Chairperson of the Supervisory Board

Metinvest stood firm in its commitments and remained dedicated to supporting Ukraine’s future, serving as a pillar for the country. While the tragedy of war continued to weigh on the nation and its people, the Group grounded itself in principles of integrity, sustainability and prudent governance.

Ukraine has now endured more than three years of full-scale war. Our people, communities and businesses share these hardships. 

We deeply mourn the Metinvest employees who have lost their lives in this war and are devoted to supporting their families. The collective memory of these individuals strengthens the Group’s resolve to protect our people and homeland.

We honour Ukraine’s defence forces, whose courage safeguards every aspect of our operations. We also recognise the resilience of our logistics chain, which has kept vital goods flowing and helped us to underpin the nation’s economic pulse. 

Profound challenges have shown the strength of our shared purpose. We remain steadfast in our commitment to Ukraine, determined to see its people and economy emerge stronger. 

We are working towards a future in which the resilience of our business supports the broader reconstruction and renewal that the country will surely need. Through unity and staunch purpose, we will help Ukraine to chart a brighter and more secure course, together.

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CEO’S STATEMENT

Yuriy Ryzhenkov

Chief Executive Officer

The year 2024 brought both opportunities and challenges for Metinvest. The Group gained efficiencies through resumed seaborne shipments while managing ongoing security risks. Despite volatile conditions, Metinvest remained committed to employee safety and demonstrated resilience while staying true to its core values. 

Metinvest restored stronger capacity utilisation across most of its assets. This was a key achievement for the Group given the war’s persistent impact. 

The resumption of Black Sea navigation was decisive for our operations. It provided a reliable export route and supported a steady uplift in production volumes.

At the same time, substantial challenges remained. Throughout the year, intermittent power shortages compressed margins. In addition, after demonstrating remarkable fortitude for much of the year, the shifting front line made it necessary to gradually suspend Pokrovske Coal's operations. 

Metinvest reinforced its commitment to Ukraine’s sovereignty and resilience. We continued to help the country’s defence forces and restarted our strategic investment programme, signalling our confidence in the nation’s future.

We are closely following developments regarding a potential ceasefire and remain dedicated to Ukraine’s eventual recovery. We strongly believe that by supporting our communities, we create economic opportunities that can serve as a foundation for lasting prosperity.

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KEY NUMBERS

ADRIA PROJECT

Metinvest made visible progress in the development of a new, state-of-the-art green steel facility in Italy: Project Adria. Developed in partnership with Danieli, the plant will use advanced electric arc furnace technology to produce low-carbon hot-rolled steel.

The location was selected due to several strategic factors, including designation as a site of national interest and proximity to road, rail and deepwater port infrastructure. This is expected to support efficient logistics.

The plant is a part of Metinvest’s strategy to align operations with long-term decarbonisation and sustainability targets. The project will support at least 1,000 jobs and serve as a prototype for Ukraine’s green steel future.

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VETERAN INTEGRATION

At the end of 2024, around 8,000 employees of Metinvest and its JVs were serving in Ukraine’s defence forces. Throughout mobilisation, the Group stays in contact with service members and their families, offering support, timely updates and an open path back to work.

Metinvest’s Veteran Reintegration Ecosystem is a comprehensive programme developed in response to the challenges posed by the full-scale war in Ukraine. It combines medical and psychological screening and rehabilitation, professional and social adaptation, retraining opportunities, as well as legal and financial assistance for veterans. 

Other aspects of the ecosystem help to prepare staff teams and managers for the reintegration of veterans. By the year-end, more than 12,500 of the Group’s and JV’s employees had completed Heroes Among Us, an in-house e-course.

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UNDEGROUND HOSPITAL

As part of Rinat Akhmetov’s Steel Front initiative, Metinvest has engineered and delivered Ukraine’s first underground medical stabilisation centre for the Ministry of Defence. The hospital is formed from six enlarged steel bunkers, redesigned to serve as a cohesive, hardened medical unit. 

Positioned below ground to minimise the risk of shelling, the complex is protected by reinforced steel walls, electronic‑warfare jamming and alternative power supplies. Inside, it matches civilian intensive‑care standards.

Essential utilities are integrated within the structure, ensuring continuous operation even under attack. By transforming bunkers into a purpose‑built medical hub, the Group has demonstrated how industrial expertise can address urgent needs.

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METINVEST POLYTECHNIC

Metinvest expanded technical education in Ukraine to drive industry talent development. Metinvest Polytechnic is Ukraine’s first private mining and metallurgical university. It provides bachelor’s, master’s and postgraduate programmes in engineering and technical fields to both external students and Metinvest employees.

Over the past three years, more than 1,080 students have enrolled at Metinvest Polytechnic. In 2024, it offered 16 bachelor’s and 18 master’s programmes, along with a postgraduate course.

Looking ahead, Metinvest remains committed to technical education, aiming to increase external enrolment. The university also continues to engage in post-war recovery through community partnerships.

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GENDER DIVERSITY

Following legislative changes in Ukraine, Metinvest formed its first all-female mininng crew at Pokrovske Coal. The Group’s assets in Ukraine also provided opportunities for women to hold positions as crane operators, electricians and other production roles.

In 2024, Metinvest Trametal launched the ‘Women in Steel’ programme to boost female participation in production, finishing and shipping. 

Metinvest’s US subsidiary, United Coal, also recruits women for production roles, implementing targeted training programmes for those interested in coal mining operations.

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SUSTAINABILITY PERFORMANCE

SUSTAINABILITY APPROACH

Metinvest is dedicated to incorporating sustainability into its business practices. The Group’s resilience is strengthened by a robust framework supported by comprehensive policies and regular stakeholder engagement, which drive strategic ESG initiatives.

The ongoing full-scale war in Ukraine substantially affects Metinvest’s operations and its initiatives towards achieving the UN SDGs. The Group remains dedicated to supporting Ukraine and its people. 

Throughout these difficulties, Metinvest has maintained its focus on advancing the SDGs. The Group concentrates primarily on the five goals most closely aligned with its long-term strategic priorities.

  • Sustain operational performance and prioritise critical repairs
  • Deliver medical, psychological and other assistance to impacted employees and their families
  • Advance comprehensive programmes for veterans’ adaptation and transition back into civilian life
  • Increase salaries and enhance the motivation system
  • Collaborate with Ukrainian authorities and private sector partners on Ukraine’s post-war rebuilding initiatives
  • Diversify business activities to support the Group’s shift towards green steel manufacturing practices
  • Strengthen digitalisation efforts and enhance cybersecurity measures
  • Broaden educational offerings through Metinvest Polytechnic
  • Support defenders with protective and other equipment
  • Deliver humanitarian aid to the impacted communities
  • Repair damaged infrastructure
  • Equip shelters to protect communities from shelling
  • Support hospitals with essential repairs, equipment and medicines
  • Strengthen energy safety management to ensure operational resilience and reduce production disruptions
  • Use innovative and resource-efficient technological solutions
  • Recycle and reuse waste and by-products from steelmaking and mining
  • Increase utilisation of recycled and reused water
  • Implement energy-efficiency initiatives
  • Improve the transparency and accuracy of carbon emissions reporting
  • Strengthen climate-related governance and risk management system
  • Evaluate climate-related risks and opportunities using scenarios aligned with the Paris Agreement
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SUPPORT FOR UKRAINE

In 2024, Metinvest was unwavering in its commitment to resilience amid the ongoing war in Ukraine. The Group delivered targeted support, assisting communities, defenders and employees.

Overall, in 2022-2024, the Group, its joint ventures and associated companies contributed around US$258 million towards helping its communities and employees.

Metinvest concentrated its community initiatives primarily on addressing the evolving needs driven by the war in Ukraine. These efforts underscore the Group’s commitment to supporting communities.

Metinvest has steadfastly supported Ukraine’s defence, contributing around US$151 million since the war began. Key initiatives include establishing an underground medical stabilisation point, increasing defence production with steel bunkers and mobile command posts, and enhancing defensive infrastructure with over 200 km of fortifications.
In 2022-2024, Metinvest invested around US$49 million to secure the well-being of employees and their families amid the ongoing war in Ukraine. The funding covered temporary accommodation, medical care, rehabilitation services and targeted financial assistance for wounded employees, bereaved families and displaced personnel.
Social infrastructure has long been a cornerstone of the Group’s community support. During 2022-2024, Metinvest channelled around US$25 million for the related projects. Since the start of the full-scale invasion, widespread damage to housing, healthcare and education facilities – and the heightened need for bomb-shelters – has made this work even more urgent.
Metinvest committed around US$24 million towards humanitarian aid and community support from 2022 to 2024, distributing over 780,000 humanitarian kits and assisting around 516,000 vulnerable individuals. The Group also advanced social development through local partnerships and supported various community safety and health initiatives.
During 2022-2024, Metinvest allocated around US$9 million in medical aid, delivering essential medications, equipment and supplies to hospitals across Ukraine.
 
Psychological recovery continued to be a central aspect of the Group’s healthcare support.
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OUR PEOPLE

In 2024, Metinvest stood steadfast by its employees, further providing social support, safeguarding well-being and advancing opportunities for military veterans returning to the workforce. 

By enhancing training and fostering diversity, the Group remains dedicated to empowering its people.

Metinvest remained one of the largest private employers in Ukraine. The Group’s adjusted headcount stood at 40,535 employees as of the year-end, down 13% year-on-year. It included 30,880 active employees, while 15% were serving in Ukraine’s defence forces.

The Metinvest community continued to cope with the profound losses of war. The human cost remained severe, yet the Group upheld its responsibility to care for employees and their families. This support extended to housing and employment for displaced persons, various psychological assistance and rehabilitation programmes, and financial aid for wounded staff and family members, as well as to the families of employees who were killed.
The Group aims to foster a supportive workplace and regularly adjusts its social benefit offerings to meet evolving employee needs.
 
During the reporting period, Metinvest continued to provide voluntary health insurance to its workforce in Ukraine, ensuring reliable access to quality healthcare services.
Metinvest remains committed to providing all employees with equal access to training, professional development and promotion based on their capabilities, irrespective of age, nationality, sex, race or religion. Under the Group’s collective bargaining agreements, men and women performing equivalent roles receive equal pay. This approach helps to ensure that wages, incentives, benefits and other monetary or non-monetary forms of compensation remain free from discrimination.
The Group maintains a comprehensive training and development framework encompassing its corporate learning centre, training centres at its production assets and Metinvest Polytechnic.
 
In 2024, Metinvest focused on strengthening employee professional expertise while adapting to evolving production needs.
Metinvest continued to prioritise attracting, developing and retaining early-career specialists in 2024, while adapting its programmes to reflect the realities of wartime.
 
During the year, the Group offered internships in priority professions and a dual education programme for students.
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WORKPLACE SAFETY

In 2024, Metinvest advanced its workplace safety culture through targeted risk management and monitoring. These efforts delivered a notable reduction in workplace incidents, underscoring the Group’s commitment to protecting employees and contractors.

During the reporting period, Metinvest’s spending on workplace health and safety totalled US$58 million. 

The Group prioritised areas including working in gas-hazardous places, working at height, using special medical equipment, using railway transport and lifting mechanisms.

In 2024, Metinvest recorded 32 injuries and two fatalities. The Group is committed to further developing a safety culture that does not tolerate workplace injuries and fatalities.
 
Metinvest’s LTIFR was 0.530, while its FFR stood at 0.031.
As part of its ongoing responsibilities, the health and safety function regularly reviews workplace incidents and injury statistics across Metinvest’s facilities. During the reporting period, the top three hazards identified within the safety roadmap were electric voltage, railway transport and objects falling from height.
Metinvest recognises its responsibility for the well-being of contractors when they are working at its facilities. In 2024, there were four injuries and zero fatalities among contractors working at Metinvest sites. For contractors, the LTIFR stood at 0.373 and the FFR was zero.
In 2024, Metinvest continued to enhance its health and safety risk management through the Safe Workspace programme. The programme’s scope was extended to include non-routine activities, such as emergencies, repairs and maintenance.
The Group has established a health and safety goal-setting and incentive framework across its assets. Metinvest’s Safe Work Award programme encourages personnel to spot or prevent unsafe acts or conditions, while its Health and Safety Trigger is an incentive tool that has proved to be an effective part of its approach to reducing workplace incidents.
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ENVIRONMENT

In 2024, Metinvest aimed to minimise its environmental footprint by enhancing energy efficiency, waste management and water recycling processes. The Group allocated investments to crucial initiatives to uphold its commitment to ecological sustainability.

Metinvest’s spending on environmental initiatives totalled US$170 million, up 2% year-on-year. Of this, 23% was capital expenditure, while 77% comprised operational expenses. 

These allocations reflected the Group’s focus on essential repair projects to ensure adherence to environmental standards and keep emissions below permitted levels.

In 2024, Scope 1 CO2 emissions grew by 3% year-on-year to 5.6 million tonnes, while Scope 2 CO2 emissions increased by 10% to 1.4 million tonnes. Direct CO2 emissions intensity stood at 2.38 tonnes of CO2 per tonne of crude steel production, up 3%. Meanwhile, the Group’s CH4 emissions increased by 20% to 96 thousand tonnes.
Metinvest prioritised energy security to safeguard operations. Overall, in the reporting period, direct energy use increased by 1% year-on-year to 59 627 terajoules. The Group spent a total of c.US$17 million on energy efficiency projects, an increase of more than 50%.
During the year, air emissions totalled 90 thousand tonnes, up 5% year-on-year. The Group implemented several environmental initiatives and technology upgrades across key operational sites that enhanced efficiency and lowered emissions.
In 2024, the Group’s water intake volume rose by 6% year-on-year to 129 million cubic metres. The water consumption volume totalled 116 million cubic metres, an increase of 7%. The water discharge volume climbed by 4% to 86 million cubic metres.
During the reporting period, the Group’s production operations generated a total of 115 million tonnes of waste, an increase of 10% year-on-year. Nearly 100% of the waste was non-hazardous, mostly comprising overburden and tailings from iron ore facilities. During the year, 14% of the waste generated, or 16 million tonnes, was recycled.
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RESPONSE TO CLIMATE CHANGE

Recognising climate change as a material topic for the Group and its stakeholders, Metinvest continues to work on its governance and risk management practices. Acknowledging the significant challenges posed by climate change, the Group aims to address its carbon footprint.

Metinvest strives to align its climate-related activities with the Paris Agreement, aiming to restrict global temperature rise to well below 2°C, preferably 1.5°C. 

The Group understands that addressing climate change requires significant contributions from the industrial sector, underscoring the need to transition towards more sustainable operational practices.

This disclosure details Metinvest’s position in implementing TCFD recommendations. Given the evolving nature of climate disclosure requirements and varying regulatory landscapes, the Group remains committed to regularly reviewing and updating its reporting practices. In preparing its climate disclosures, Metinvest also considers the ESRS requirements to ensure alignment with emerging EU regulatory expectations.
Metinvest maintains a robust corporate governance framework with a two-tier board structure. In 2025, it completed the implementation of changes to its climate governance model. Metinvest also adopted a Climate Change Policy, enhancing its governance efforts in this area. This policy integrates climate considerations into strategic planning, operational processes and daily decision-making.
The Group manages climate-related risks within its broader risk framework, taking into account the specific attributes of its assets.
 
During the reporting period, Metinvest’s team continued to develop a process for effectively evaluating climate risks and reassessing opportunities.
In 2024, Metinvest began to implement an approach to integrating climate-related risks into its broader risk management framework. Metinvest employs standardised principles and core risk management stages in the evaluation of climate risks. The latter cover: identification, assessment, prioritisation, mitigation, implementation, process review, reporting and monitoring.
Metinvest continuously tracks essential climate-related metrics, including GHG emissions, to measure the effectiveness of its climate actions.
 
It is committed to enhancing transparency in reporting climate data, although challenges persist due to the war.
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About the Report

STRATEGIC REPORT

Chairperson’s Statement
CEO’s Statement
Key Numbers
Market Review: Global
Market Review: Ukraine
Operational Review
Financial Review
Digital Review

SUSTAINABILITY REPORT

Sustainability Approach
Support for Ukraine and Communities
Our People
Workplace Safety
Environment
Response to Climate Change

GOVERNANCE REPORT

Corporate Governance
Business Ethics and Compliance
Supply Chain Management
Risk Management

INFORMATION REPORT

Annex 1 – Index of Standard Disclosures
Annex 2 – Additional Information on Standard Disclosures
Annex 3 – Additional Information on TCFD Disclosures
Annex 4 – Parent Company and Principal Subsidiaries
Annex 5 – Sales Offices
Annex 6 – Glossary
Annex 7 – Abbreviations

FINANCIAL REPORT

Independent Auditor’s Report
Summary Consolidated Balance Sheet
Summary Consolidated Income Statement
Summary Consolidated Statement of Comprehensive Income
Summary Consolidated Statement of Cash Flows
Summary Consolidated Statement of Changes of Equity
Notes to the Summary IFRS Consolidated Financial Statements