Since the war’s onset, Russia had effectively blocked or occupied Ukrainian seaports, ending maritime activities beyond the operation of the Grain Deal from July 2022 to July 2023.

This significantly affected Metinvest’s operational and export abilities, although the Group continued working to adapt its logistics chain given limited capacity at western railway crossings.

A pivotal shift happened in late summer 2023, when the Ukrainian defence forces established a maritime route for merchant ships open for all types of products. September 2023 saw the departure of the first new vessel carrying Metinvest’s products through the Black Sea to the Bosphorus since the start of the blockade. This milestone enabled the Group to resume seaborne exports of mining and metallurgical products, enhance capacity utilisation and unlock efficient access to distant markets.

In 2023, Metinvest directed significant resources to aid Ukraine’s defenders, provide for communities through its humanitarian efforts and support its people, including veterans returning to the workforce.

The Group upheld its long-term commitment to environmental protection while also working to enhance its climate-related reporting practices.

Metinvest remained unwavering in its dedication to safety.

In an unprecedented display of corporate solidarity, Metinvest’s support for Rinat Akhmetov’s Steel Front defence initiative has positioned the Group as a pillar of strength for Ukraine amid the Russian Aggression.

Metinvest has launched the production of specialised steel for armour plates, an essential component for bulletproof vests and vehicle shields. The Group has also addressed the urgent need for frontline protection by developing and delivering mobile shelters and launching the production of steel underground command posts.

Metinvest is dedicated to the post-conflict recovery and safety of Ukraine, which will require significant de-mining activities.

In 2023, Metinvest prioritised the reintegration of veterans, recognising the crucial contributions of the 6,022 employees serving in Ukraine’s defence forces as of the year-end, as well as 1,870 people from Zaporizhstal and Southern Iron Ore.

To support returning veterans, Metinvest has developed a comprehensive ecosystem providing physical and psychological rehabilitation, including employment, retraining opportunities, additional medical examinations and tailored workplace adaptation programmes. This approach of the Group also features dedicated training and webinars for management and teams.

Metinvest remains committed to advancing technical education with its support for Metinvest Polytechnic, which significantly expanded its offerings and strengthened its rankings in Ukraine in 2023.

During the year, more than 400 new students joined Metinvest Polytechnic, increasing total enrolment to more than 700. It offers diverse programmes in fields such as mining, metallurgical technologies, electrical engineering, automation, robotics, business analysis and environmental protection.

Despite being private, the university maintains a strong scholarship programme, reflecting the Group’s commitment to financial support for promising talent.

In 2023, Metinvest sought to keep its business aligned with international best practices and ethical standards, while also continuously working to strengthen governance mechanisms, emphasising proper conduct and compliance.

The Group’s commitment to principled behaviour is enshrined in its Code of Ethics, which has been fostering a culture of integrity for more than a decade.

Metinvest showcased resilience and adaptability in its supply chain management, expanding export logistical routes in Ukraine as soon as the security situation permitted it. The Group also continued to apply a robust, risk-oriented approach throughout its decision-making processes.

In 2023, Metinvest maintained its commitment to information transparency.

One of the Group’s priorities was to ensure that its stakeholders received a consistent understanding of Metinvest’s position and responses to evolving circumstances.

The Group’s dedication to sustainability was underscored by its adherence to standards set by the Global Reporting Initiative and Sustainability Accounting Standards Board, as well as its efforts to align with the Task Force on Climate-related Financial Disclosures guidelines.

The Financial Statements contain summary IFRS consolidated financial statements for 2023, as well as an independent auditor’s report.

Metinvest has published audited and consolidated IFRS financial statements covering each financial year since 2006.

Metinvest’s consistent reporting underscores its accountability in financial disclosures.