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Annual report


This report discloses the 2021 financial, operational and sustainability results of Metinvest, a prominent global steel and iron ore group and one of Ukraine’s largest private sector companies.

The year was among the most successful in the Group’s history in terms of its operational and financial indicators, as well its delivery on environmental, social and governance goals.

On 24 February 2022, Russia launched a full-scale military invasion of Ukraine, ushering in a new reality. By necessity, this report reflects the tragic duality of the moment. While telling the bright story of 2021, it also provides a picture of a nation at war as of the middle of 2022.

Ultimately, the report strives to speak to the fundamental belief that no one will write the future for Ukraine but free Ukrainians.

This is the first time in Metinvest’s history that it has combined its traditional annual and sustainability reporting under one umbrella.

The reporting format has been changed in an effort to improve the efficiency of the Group’s communication with stakeholders and integrate data about the Group’s activities to enhance transparency.

Chairperson’s Statement

Strong and Undaunted

The war in Ukraine has ushered in a new reality for the world and brought
considerable uncertainty for Metinvest and many of its stakeholders.
However, the Group’s strong results of 2021 have reinforced its fundamental
resilience and empowered it to devote substantial resources for Ukraine
and its people in 2022.

Oleg Popov

Chairperson of the Supervisory Board

ceo’s Statement

Resilience and Resistance

In 2021, Metinvest delivered a remarkable operational and financial
performance amid strong markets. This helped to adjust its business in
response to Russia’s full-scale invasion of Ukraine in 2022, as well as to
support its newfound humanitarian mission.

Yuriy Ryzhenkov

Chief Executive Officer

Highlights of 2021


Crude steel

9,533 kt +15%

Merchant pig iron and steel products

10,644 kt +16%

Iron ore concentrate

31,341 kt +3%

Merchant iron ore products

17,530 kt -8%

Coking coal concentrate

5,542 kt +92%


4,551 kt -5%



US$18,005 mn +72%


US$1,280 mn +93%


US$7,044 mn +3.2x

EBITDA margin

39% +18 pp

Net debt

US$1,076 mn -49%

Net debt to EBITDA

0.2x -0.8x


Taxes paid globally

US$1,587 mn +2.6x

Employee headcount

86,955 +25%

Environmental spending

US$511 mn +14%

Direct CO2 emissions intensity

2.17 tonnes CO2
tonne of crude steel

Health and safety spending

US$138 mn +31%

Lost-time injury frequency rate

0.794 +53%

In 2021, Metinvest delivered strong operational and financial results, significantly reduced its debt burden and consolidated the new assets of Pokrovske Coal and Kamet Steel following a pair of major acquisitions. During the year, the Group also maintained its focus on ESG factors in line with its strategic priorities.

in focus


Crude steel production capacity

3.2 mt


US$341 mn

Kamet Steel unites Metinvest’s coke production and steelmaking assets in Kamianske, Ukraine. The coke operations were previously part of Dnipro Coke, a metallurgical coke manufacturer that the Group consolidated as a subsidiary in April 2020.

In 2021, Dnipro Coke paid around US$341 million to acquire assets relating to the former integral property complex of what was once among the largest steelmakers in Ukraine. To reflect its new role as a steelmaker, Dnipro Coke was renamed Kamet Steel in February 2022.

Kamet Steel has preserved an important industrial asset and source of decent jobs for the community of Kamianske. Through the transaction, over 8,000 plant workers became employees of the Group.

Kamet Steel’s newly acquired capacities include production of 3.2 million tonnes of crude steel a year. This has made it possible for Metinvest to expand its product mix by effectively securing production of billets, wire rod, rebar, shapes and bars.

Consolidation of Kamet Steel generated additional synergies throughout the entire production chain.

In 2021, the production volumes that became part of Kamet Steel contributed materially to Metinvest’s operational performance. They included 933 thousand tonnes of crude steel cast from August to December 2021.


Effect of operational improvements

US$568mn +51%

In 2021, the Group delivered strong operational improvements. It achieved these results through numerous initiatives, both small and large.

During the reporting period, Metinvest generated total operational improvements of US$568 million, an increase of 51% year-on-year.

The main drivers of the additional increase were the capitalisation of the operational improvements efforts to advance equipment performance in a high market environment, as well as enhanced sales efficiency, procurement and logistics initiatives.



US$1,280 mn +93%

In 2021, Metinvest executed a capital expenditure programme that sought to balance maintaining assets, improving operational efficiency, progressing on strategic initiatives and advancing the Group’s environmental agenda.

Group’s total capital expenditure was US$1,280 million, up 93% year-on-year. Consistent with its priorities, Metinvest increased investments in maintenance by 80% and in strategic projects by 63%.

Key projects, among others, included the launch of a new crusher and conveyor system at Ingulets GOK in August 2021 and a new crusher and conveyor system for rock transportation at Northern GOK in September 2021. These projects reduce operational and capital expenditures in iron ore mining and help to maintain production volumes.

At the coking coal producers, the Group continued the construction of new mine block no. 11 at the recently consolidated Pokrovske Coal. This work will help to maintain long-term production volumes.

At its Italian re-roller, Metinvest Trametal, the Group invested in a new plasma cutting line, which it launched in November 2021, nearly quadrupling the plant’s annual production capacity of trimmed plates by around 170 thousand tonnes per year.


Total debt as at
31 December 2021

US$2,242 mn -24%

Metinvest’s financial performance in 2021 made it possible to undertake a series of significant deleveraging exercises.

As a result, the Group decreased its total debt to US$2,242 million as of 31 December 2021.

Metinvest’s most significant deleveraging move was to restructure both debt facilities of Pokrovske Coal. The interest rates were decreased substantially in line with newly agreed repayment schedules. Given an early repayment option, most of the debt was repaid ahead of schedule.

Metinvest also repurchased US$277 million of its bonds and promptly cancelled them afterwards.

The Group repaid the PXF facility in full, made repayments on several other bank loans and lease liabilities, and reduced the use of trade finance.

Sustainability Performance


Metinvest embeds sustainability principles throughout its business. The Group strives to care for the well-being, health and safety of employees, to be environmentally responsible, to develop local communities, and to support customers and contractors.

The UN Sustainable Development Goals (SDGs) provide a shared blueprint for peace and prosperity for people and the planet. The Group shares the approach to ensure sustainable development in line with the SDGs and prioritises those areas where it can make the most significant contribution.

Contribution to prioritised SDGs


Proactive Outreach

Metinvest’s key groups of stakeholders are employees, customers, suppliers and contractors, local communities, equity and debt providers, government authorities, and the media. By adhering to the principles of sustainability, the Group is better prepared to understand and respond to their diverse needs.



An Unwavering Commitment

In 2021, Metinvest expanded its safety roadmap to cover new critical risk areas and continued to roll out its healthcare strategy. The Group also began working to overcome the challenge of improving the culture of occupational safety at its newly acquired assets.


A Vital

Metinvest’s personnel management system is guided by recognised international labour principles and proven best practices. In 2021, the Group’s human capital management function focused primarily on the integration of thousands of new employees at recently acquired assets.



In 2021, Metinvest worked diligently to reduce its environmental impact and contribute to global efforts to tackle climate change. The Group continued to make significant investments in efficient production equipment and partnered with leading international experts in green steelmaking.



Metinvest strives to make a long-term, positive impact on community development in the areas surrounding its operations. To guide these efforts, in 2021, the Group developed a new internal regulation covering social spending and community engagement.


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