According to Forbes, despite the loss of significant assets such as "Azovstal," Illich Iron and Steel Works, and Avdiivka Coke Plant, "Metinvest" has managed to recover. In the first half of 2024, the company increased its EBITDA by 33%, reaching $650 million, thanks to a doubling of iron ore production to 8.9 million tons.
"We were able to increase production at our mining and processing plants due to the reopening of the ports in Odessa," – explained the company's CEO, Yuriy Ryzhenkov.
During the war, "Metinvest" is directing its investments towards the EU. At the end of 2024 and the beginning of 2025, the company, in collaboration with the Italian firm Danieli, will begin constructing a plant in Italy with a capacity of 2.7 million tons of steel per year. The facility is expected to produce its first batches of products by 2027. The total cost of the project is €2.5 billion, which will serve as the foundation for the future modernization of "Metinvest's" metallurgical enterprises in Ukraine. The company also aims to expand the sales market for its mining and processing plants, which are projected to be loaded at 57% in 2024, while metallurgical plants are expected to reach 75% capacity.
Among the new activities of the company is the production of military products to support the Ukrainian defense forces. Its range includes protective materials for armored vehicles, such as Bradley and Abrams, as well as protective screens for machine gunners and metal structures.
"But this is all charity that is conducted during the relatively free time from work," – noted Ryzhenkov.
The company is also interested in receiving orders from the Ministry of Defense, which would bring more structure to this initiative.
Forbes Ukraine has also included Ryzhenkov in the ranking of the best managers in the industry. Other leaders of "Metinvest" enterprises included in the list are Andriy Akulich ("Metinvest Pokrovskugol"), Ihor Tonev (Inhuletsky, Northern, and Central Mining and Processing Plants), Oleksandr Tretiakov ("Kametstal"), and Taras Shevchenko (acting CEO of "Zaporizhstal").
In the first nine months of 2024, "Metinvest" increased its tax contributions by 38% compared to the same period in 2023, reaching 15.2 billion UAH. Since the beginning of the full-scale invasion, the company has provided 7.7 billion UAH to support Ukraine, of which 4.1 billion UAH was allocated to meet the needs of the Armed Forces.