Russia’s large-scale attacks on Ukraine’s energy and gas infrastructure in October caused damage to the power systems of two group assets in the Mining and Metallurgy segments, resulting in a decrease in production.
As of 30 June 2025, the group reported revenue of USD 3.6 billion, with an EBITDA margin of 10%.
In the third quarter of 2025, a strong quarter-on-quarter recovery was observed, while the nine-month (9M) figures indicate year-on-year decreases. This recovery is directly linked to the completion of the number 9 blast furnace revision at Kamet Steel:
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In Q3 2025, hot metal production increased by 41% and crude steel production increased by 30%.
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In 9M 2025, hot metal production decreased by 6% and crude steel production decreased by 10%; the main reason is again the blast furnace revisions at Kamet Steel.
Additionally:
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Semi-finished product output more than doubled quarter-on-quarter from 128 kt to 267 kt in Q3 2025. In 9M 2025, a year-on-year decrease of 9% was recorded.
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Finished product output decreased by 6% to 591 kt in Q3, while an 8% year-on-year increase was recorded in 9M 2025. Flat products increased by 12%, long products by 5%.
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Coke production increased by 4% to 287 kt in Q3, while a 3% year-on-year decrease was recorded in 9M.
In terms of iron ore production, concentrate and pellet output in Q3 2025 increased by 2% and 7%, respectively. In 9M, total iron ore concentrate decreased by 4%, while pellet production increased by 9% year-on-year. This decrease is due to the suspension of certain mining operations.
Coking coal production remained limited due to security and power supply issues in Ukraine operations. The group is also considering the sale of its United Coal unit in the United States.
The third quarter of 2025 shows a quarter-on-quarter recovery in the metallurgy segment thanks to the blast furnace revisions at Kamet Steel; however, on a year-on-year basis, the war, infrastructure issues, and operational challenges in the Mining segment continue to put pressure on performance.
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