As peace talks intensify three years after Russia’s invasion of Ukraine, Metinvest, the country’s largest steel producer, is ready to contribute to the nation’s reconstruction and welcomes partnerships while navigating a challenging international trade environment.
“If the war ends with good security arrangements for Ukraine, Metinvest would like to play a role in rebuilding,” Metinvest CEO Yuriy Ryzhenkov said Feb. 27 in an interview.
To facilitate this effort, Metinvest has initiated its Steel Dream project, which aims to quickly rebuild infrastructure using steel for over 200 ready-made projects based on three prefabricated steel solutions: frame, module and platform.
The company also plans to invest in restoring its facilities to full operational capacity. Currently, Metinvest operates two mills in Ukraine: Zaporizhstal (flat steel) and Kamet Steel (long steel). Zaporizhstal is running at about 75% capacity, while Kamet Steel is operating at 65%-70%.
Ryzhenkov said the company aims to restore full capacity for the blast furnaces — one at Zaporizhstal and one at Kamet Steel — within two years, a timeline critical for meeting market demands and supporting post-conflict rebuilding efforts.
Expecting a rebound
For 2025, Metinvest expects a slight decline in steel production due to scheduled maintenance, but Ryzhenkov is optimistic that production levels will rebound to 2024 figures, when crude steel production increased by 4% year over year to 2.09 million mt.
Iron ore production surged by 42% to 15.7 million mt, with the company planning to enhance product quality and increase output.
“At the iron ore facilities, we will invest to enhance mainly the quality of the products that we will be able to offer, specifically our ferrum content in our products,” Ryzhenkov said.
“But also, we will be able to increase the quantities that we produce at our iron ore facilities. In the steelmaking facilities, there are strategic investments that can be made for improving the product range.”
He underlined that these are medium-term projects while for the long term — as Ukraine still has the same obligations to decarbonize the steel industry as the rest of Europe – Metinvest had plans for decarbonizing its facilities, such as the construction of a direct iron reduction plant considered in the past while pursuing brownfield investments to upgrade its steelmaking and iron ore facilities.
Investments
Metinvest confirmed it was still interested in the Huta Czestochowa mill in Poland. However, the Polish government’s classification of the mill as a strategic enterprise has delayed the auction process.
However, Metinvest has made significant progress in Italy, signing a shareholder agreement with Italian steel producer Danieli. This collaboration aims to develop a 2.7 million mt/year flat steel producer, enhancing Metinvest’s production capabilities and product offerings.
The next steps involve finalizing the engineering plans and financing structure to pave the way for construction activities.
Impact of US policies
Metinvest, one of Ukraine’s largest taxpayers, emphasizes the importance of maintaining trade relations with the US.
Ryzhenkov said he supports the Ukrainian Steel Association’s call for exemptions from the anticipated 25% import tariffs proposed by US President Donald Trump.
Ryzhenkov explained that Ukrainian steel constitutes less than 0.5% of US imports and he warns that tariffs could harm both the Ukrainian economy and US interests. By allowing Ukrainian steel to continue to be in the US market, the US would be supporting a key ally while also reducing the need for foreign aid to Ukraine.
