The annual, large-scale festival for small and medium-sized businesses, held under the auspices of Delo.ua, a leading Ukrainian business news outlet, has been held for ten consecutive years. The event brought together more than 100 speakers to mark the publication’s 20th anniversary, including representatives of businesses from various industries, as well as from government and civil society. Participants discussed business strategies, effective formats for cooperation, emerging trends shaping business priorities and tools for engagement with the state.
Vodoviz took part in the panel discussion entitled “Business is Transforming — Delo.ua Explains.” The conversation also featured the heads of Ukrposhta, Ward Howell Ukraine and Apple Consulting.
On the Group’s transformation
According to Vodoviz, the full-scale war has brought significant changes: managers have begun delegating more authority to local teams, while new functions have emerged — including for cooperation with the Defence Forces. Since the beginning of the war, the Group has allocated around US$400 million to support the Armed Forces of Ukraine.
“A dedicated unit has been created to manage these funds and generate reporting. And overall, people’s attitude towards business has changed,” he added.
Previously, the Group developed a five-year operating strategy, but it now limits itself to annual planning and is working according to a one- to two-month horizon.
“Today, the main difference from the pre-war period is that our transformation is no longer a choice or a plan — it is a necessity. We have no alternative: we must change now, otherwise we may not survive,” the head of Metinvest’s Chief Executive Officer’s Office noted.
On challenges and opportunities
Vodoviz stated that Ukraine’s integration with the European Union brings both risks and opportunities.
“Europe is not waiting for us with open arms. That is a myth. Europeans understand perfectly well that if Ukrainian agricultural producers enter their markets, their farmers will be under pressure. If our steel enters, we will win on cost — and this is already evident from the actions aimed at blocking Ukrainian metal products at Polish border crossings. If our logistics sector arrives, we will also be competitive,” he said.
Although there is clear political will to see Ukraine in the European Union, there is strong resistance from the business side. In particular, the implementation of Carbon Border Adjustment Mechanism (CBAM) is expected to begin in 2026.
“This initiative is presented under appealing slogans such as the fight for clean skies or green steel. But in reality, it is a tax designed to keep us out of the European market. And everyone wants access to that market: it is the most profitable one, and we also want to be there. Expecting Europe to just open the door like that is naïve — very tough negotiations lie ahead,” Vodoviz explained.
He highlighted access to Western financing as one of the opportunities that Ukraine’s European integration creates for Ukrainian businesses.
“At the moment, we do not have access to funds. Everyone talks about the Ukraine Facility and the significant resources that are supposedly coming for reconstruction. But the reality is different: of the US$8 billion, only around US$100 million has actually been allocated. This is a drop in the ocean. That is why we see an opportunity for businesses to gain access to Western financing,” Vodoviz added.
He emphasised that the Group’s logistics have changed: whereas previously products were exported by sea, the war and the prolonged blockade of ports forced the Group to switch to rail transport and routes through Europe. “This was a serious blow, but at the same time it opened up new opportunities — alternative routes emerged, new partners appeared and we gained a clear understanding of how to operate if the sea is blocked again,” said Vodoviz.
On businesses returning home
Vodoviz noted that Ukrainian companies that had tried to develop projects in Europe are increasingly returning home — and Metinvest is no exception.
“We have been present in Italy and Bulgaria for many years, but our M&A projects there are significantly smaller, and we do not achieve the same impact as we do in Ukraine. We know how to work with our own people. In Europe, the mentality and the way of doing business are different,” he explained.
The Group now prioritises Ukrainian projects, even amid the war, because their internal efficiency is significantly higher.
“I know many Ukrainian businesses that have tried to operate in Europe. For example, a wind turbine in Europe yields 5–7% profitability, whereas in Ukraine it brings 20–25%. There is the gap,” Vodoviz added.
However, no large-scale structural projects capable of stimulating the economy have emerged in Ukraine over the past three years — projects involving investments of around US$1 billion that would drive the development of other businesses. Instead, the landscape is dominated by smaller projects with investments of US$100–200 million, and only rarely reaching US$500 million.
“For example, in Poland they are building an airport around which steel plants, roads and entire towns are emerging, adding about 3% to GDP. In Romania, investments are being made in ports that generate roughly 2% GDP growth. It is precisely these types of projects that move an economy forward,” Vodoviz explained.