The publication has compiled its first-ever ranking of the 50 largest domestic investors, which together invested UAH454.7 billion in Ukraine’s economy over the four years of the full-scale invasion. The editorial methodology considered only traditional capital investment (CAPEX): this included funds directed towards rebuilding damaged infrastructure, launching new facilities, carrying out repairs and restoring logistics.
Metinvest ranked third, having invested UAH37.8 billion in its operations between 2022 and 2025.
In comments to NV, Metinvest Group CEO Yuriy Ryzhenkov outlined the Group’s investment principles, its key decisions, and examples of successful investments made by other companies.
— What two principles guide your investment approach?
— First, we prioritise investment in Ukrainian assets. This means repairs and modernisation to ensure that our businesses operate steadily and remain competitive. During the war, our primary focus has been on preserving our operations and our teams.
Second, we choose strategy over tactics. Our main direction is the green transition. Metinvest aims to become a bridge between the steel industries of Ukraine and the EU. We are already upgrading equipment at Northern Iron Ore to produce premium raw materials for low-carbon steel.
In the context of the EU’s Carbon Border Adjustment Mechanism (CBAM), this is fundamentally a question of maintaining access to the EU market. The next step is the construction of a new plant in Italy. It will use Ukrainian raw materials, serve as a pilot project for restoring Metinvest’s capacities in Ukraine, and act as a model for the future of European steelmaking.
— Which investment do you consider the most successful during your tenure?
— Before the full-scale war, we made multi-billion-hryvnia investments in Mariupol: both industrial and social. At the start of the invasion, they played a role in holding back the enemy.
Unfortunately, the war put major investment projects on hold. However, we quickly adapted: we launched dedicated defence production and became one of the largest private donors to the Ukrainian military. We have allocated more than UAH10 billion to support Ukrainians, including UAH7.3 billion for defence needs as part of Rinat Akhmetov’s Steel Front initiative.
I believe that the most important investments are still ahead. After victory, this will mean large-scale modernisation and the green transformation of our facilities, as well as participation in Ukraine’s reconstruction. To support this, we have developed the Steel Dream concept. Under this initiative, social housing for Mariupol residents is already being built in Bila Tserkva.
— Which recent investment by another company do you consider most successful?
— Probably DTEK and its investment in the ongoing restoration of Ukraine’s energy network after attacks. This is about the country’s resilience here and now. At the same time, the company’s move towards renewable energy is setting the direction for the wider economy.
Other businesses of Rinat Akhmetov also featured among the leaders in NV’s ranking, including DTEK (UAH101.7 billion in investments), PUMB (UAH1.9 billion), Ukrtelecom (UAH1.6 billion) and Lemtrans (UAH1.1 billion).
In total, SCM businesses have invested UAH150.5 billion (US$4 billion) since the start of the full-scale war. The Group emphasises that investing in Ukraine remains a consistent, long-term priority for SCM and its founder, Rinat Akhmetov.