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This report discloses the 2022 financial, operational and sustainability results of Metinvest, a global steel and iron ore group and one of Ukraine’s largest private sector companies. It provides a window into a year that, while deeply challenging, was also marked by unwavering unity.

The title, “United on All Fronts,” embodies the commitment of the Group, its stakeholders and the entire free world to stand alongside Ukraine and its people, no matter the circumstances.

Consistent with this message, the narrative is structured around ‘fronts’, reminiscent of distinct areas of engagement in a defence effort.

Each front reflects a facet of Metinvest’s performance in 2022, blending the essence and impact of the Group’s actions under the shadow of the full-scale war.

The story of 2022 is further enhanced by visual storytelling. Metinvest partnered with talented Ukrainian illustrators to bring to life the fortitude of the nation.

Their works provide a unique glimpse into the Group’s journey throughout the events of 2022 as an international holding deeply rooted in Ukraine. The design also incorporates an abstracted digital camouflage pixel as a symbol of protection of Ukraine honouring the country’s defenders.



The full-scale war has materially impacted the Group’s performance, including operational, financial and sustainability results. In 2022, Metinvest prioritised safety and maintaining production to reflect wartime reality.

Throughout this challenging time, the flexibility and diversification of the Group’s business model, as well as its experienced team, have enabled adjustments to the supply chain and product portfolio, as well as the reorganisation of logistics flows.

Despite the war, Metinvest’s values remained the foundation of its corporate culture and continued to define its strategy of navigating 2022.

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Metinvest stands as one with Ukraine and is determined to help the country emerge victorious and stronger. Amid trying times, the Group continues to uphold the core principles of corporate governance and sustainability.

The Supervisory Board and I support the commitment of Metinvest’s shareholders to make the maximum possible contribution to Ukraine’s victory.

Oleg Popov

Chairperson of the Supervisory Board


The cost that Ukraine is paying is staggering. The country has suffered the loss of thousands of defenders and innocent civilians, including members of the Metinvest family. Their courage and sacrifice will forever be etched in our hearts.

We stand strong with all Ukrainians and continue to work towards a brighter future for generations to come. The Group, its joint ventures and associated companies have helped to organise a massive humanitarian effort.

Metinvest maintained robust governance institutions and continued to follow international best practices. The Group has also stayed firm to its adherence to the rule of law and all applicable regulations.

Whatever Metinvest has done in this year, it has been in collaboration with and thanks to the engagement of our partners. We are immensely grateful for your support and ongoing commitment.

Oleg Popov

Chairperson of the Supervisory Board



The journey of 2022 saw Metinvest respond resolutely to the full-scale invasion of Ukraine on a number of fronts, including strategic, social and governance. The Group demonstrated its agility, striving to support each of these core areas.

We take immense pride in our employees who have stood up for our nation in the defence forces of Ukraine. Equally, we recognise the individuals labouring in our plants, who play a vital role in our path to victory.

Yuriy Ryzhenkov

Chief Executive Officer


The years preceding the full-scale invasion were marked by strategic acquisitions, investments in technology and relentless pursuit of efficiency. These efforts established a robust foundation for delivering a resilient financial performance in 2022.

We remain committed to servicing our loans and borrowings, including scheduled payments on bonds, throughout 2022 and beyond.

Looking to the future, Metinvest intends to work with the Ukrainian government and businesses on post-war reconstruction.

I would like to express my heartfelt gratitude to our stakeholders, both in Ukraine and around the world. Our united efforts allowed us to contribute across each of the fronts in 2022 and to begin planning for the rebuilding of Ukraine when victory is achieved.

Yuriy Ryzhenkov

Chief Executive Officer



As a core member of a strategic industry, Metinvest made substantial contributions to Ukraine’s economy and defence. Although production was below pre-war levels, the Group delivered resilient financial results.

Facing logistics disruptions across the supply chain, Metinvest’s flexible business model and experienced team redirected commercial flows and transitioned subsidiaries outside Ukraine to standalone operations.

Metinvest’s prudent approach to debt focuses on deleveraging and smoothing maturities, understanding the importance of trust and credibility. This will be crucial to helping fund Ukraine’s post-war reconstruction.




Metinvest redirected community support efforts to aid Ukrainians while upholding its commitment to sustainable development priorities. The focus was on national defence, humanitarian relief, healthcare initiatives and employee support.

The Group has demonstrated unwavering support for Ukraine’s defenders, helping to supply essential gear, vehicles, tactical equipment and more. In 2022, Metinvest launched Saving Lives, a large-scale humanitarian project aiding people affected by the war.

In addition, Metinvest has offered temporary shelters and psychological support to safeguard its people. It has also provided vital resources to hospitals, including equipment, medicines and consumables.




Metinvest’s governance institutions remained robust and the Group continued to adhere to international best practices and the rule of law. Senior management teams were recalibrated to best address the new reality.

The foundational elements of the Group’s business ethics and compliance framework remained in place in 2022 and are designed to protect stakeholder interests.

Consistent with its core principles of corporate governance, the Group has filed lawsuits with the European Court of Human Rights seeking reparation for damages inflicted on its assets during Russia’s unprovoked aggression against Ukraine.




Metinvest’s transparent disclosure approach has helped to navigate 2022 by giving stakeholders up-to-date information about its activities. The Group has consistently provided insights into the impact of the full-scale war on its operations and ensured its voice and perspective are heard.

Metinvest has also maintained robust investor communications during this time. The Group has provided regular updates, ensuring that debt providers are kept abreast of the situation.

Metinvest’s alignment with the Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB) recommendations also reflects its dedication to transparency and best practices.

All roads lead home





Following the full-scale invasion of Ukraine, Metinvest reoriented its community support projects to meet the needs of Ukraine and Ukrainians.

The Group focused primarily on helping Ukraine’s defenders, providing humanitarian aid, supporting healthcare and assisting its employees.

Metinvest spent around US$95 million on social initiatives in the reporting period. This consisted of US$92 million allocated for aid to Ukraine and Ukrainians amid the war and US$3 million on social partnership programmes before 24 February 2022.

In May 2022, the Group was ranked as the largest donor to the armed forces among private Ukrainian businesses.



In response to the full-scale invasion, Metinvest prioritised the safety and well-being of its employees.

The Group supported government-led efforts to evacuate its people from the affected cities to safer locations. It provided temporary shelters for more than 6,000 such employees and their families. It also established a comprehensive support programme providing material, medical, psychological and employment assistance.

Overall, Metinvest faced a 14% reduction in headcount to 74,416 people as of the year-end.

Despite this, the Group remained among the largest employers in Ukraine in 2022, where 97% of its staff were employed.



Under the circumstances of a full-scale war, no one in Ukraine, including employees of the Group could be absolutely safe. Nevertheless, Metinvest strived to do everything possible to ensure workplace safety, while continuing to implement the safety roadmap and the Safe Workspace programme.

Metinvest reinforced its approach towards health and safety in the most critical areas in 2022.

Overall, the Group’s spending on workplace health and safety in 2022 totalled around US$62 million, down 55% year-on-year.

The primary focuses of health and safety spending in 2022 were work in gas-hazardous places, safe work at height and provision of specialised medical equipment.



The war impacted both Metinvest’s environmental performance and reporting at affected assets, while new projects were put on pause in 2022.

Nonetheless, the Group maintained its ongoing ecological approach and practices and continued to plan for a greener future.

Metinvest applies an approach to the calculation of direct Scope 1 CO2 emissions that is aligned with the one adopted by the EU. It makes the Group’s CO2 reporting comparable with those of EU-based peers.

In 2022, the Group’s Scope 1 CO2 emissions totalled 6.7 million tonnes, down 73%
year-on-year. They decreased primarily because the Mariupol steelmakers and Avdiivka Coke suspended operations.



The Group incorporates sustainability principles into key aspects of its business and tracks its performance in this area by participating in various ESG ratings.

Metinvest has been a member of the UN Global Compact since 2010 and adheres to its Ten Principles of Sustainable Development, which cover human rights, labour relations, environmental protection and anti-corruption.

In 2022, the Group continued to contribute to achieving the 17 UN Sustainable Development Goals and devoted its resources to support Ukraine, its employees and communities in wartime.

The full-scale war significantly affected Metinvest’s activities and projects that contribute to the achievement of the SDGs. Despite this, the Group did not revise the five priority SDGs that it believes to be most relevant for its business in the long term.


  • Maintain operational efficiency and conduct critical repairs
  • Strive to provide safety for its employees and their families
  • Provide medical, psychological and other assistance to affected employees and their families
  • Work with the Ukrainian government and businesses on the post-war reconstruction of Ukraine
  • Develop Metinvest’s Career Centres together with rehabilitation centres to provide a full range of services in one place
  • Provide an extensive array of training and development opportunities through the Corporate University and Metinvest Polytechnic
  • Enhance digital transformation and improve information security
  • Provide humanitarian aid to affected people in Ukraine through the Saving Lives humanitarian aid centre
  • Support defenders with protective and medical items
  • Equip shelters and places to accommodate people from hot spots
  • Provide hospitals with medicines, equipment and consumables
  • Improve energy safety management to minimise losses as a result of forced shutdowns and production cutbacks
  • Use innovative, resource-efficient technologies
  • Recycle by-products from steelmaking
  • Increase consumption of reused and recycled water
  • Improve energy efficiency programmes
  • Enhance carbon reporting
  • Analyse climate-related governance and risk management in accordance with TCFD
  • Assess climate change risks and opportunities

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