The metallurgical holding "Metinvest", owned by Rinat Akhmetov, suffered significant financial losses in 2024, increasing its loss almost six times compared to the previous year - to $1.152 billion. The main reason for this deterioration in financial indicators was the shutdown of the mines in Pokrovsk, which provided the company's enterprises with coking coal. At the same time, despite these difficulties, "Metinvest" managed to increase revenue by 9%, to $8.05 billion.

The significant increase in losses caused the need to create a reserve for partial depreciation of the assets of the "Pokrovskvugol" mine, which ceased its operations due to hostilities. In addition, the company incurred additional financial costs associated with security risks and the instability of the situation in the region.

"Given the high level of uncertainty regarding the further development of the military situation in Ukraine, the security threat in the area of ​​the Pokrovsky coal enterprise, its temporary shutdown and the unknown timing of its resumption, the group has created a provision for partial impairment of the assets of the Ukrainian coking coal producer," the company's report says.

Despite the losses, Metinvest was able to increase its revenue, which was facilitated by the resumption of the operation of Ukraine's Black Sea ports in the second half of 2023. This allowed it to ease logistical restrictions and increase exports. At the same time, prices for the company's products on global markets continued to decline, which affected its financial performance.

The holding's sales volumes on the domestic market of Ukraine decreased by 2%, to $2.587 billion, mainly due to a drop in prices. Product supplies to Europe decreased by 8%, reflecting weak market demand and a reduction in exports of some types of goods. At the same time, sales to Asia increased 2.6 times due to increased iron ore concentrate shipments to China. Sales to the Middle East and North Africa also increased 2.2 times, while revenues from sales in North America remained unchanged.

Despite the overall decline in profitability, the company was able to improve its EBITDA (earnings before interest, taxes, depreciation and amortization) by 12%, to $957 million. This indicates that the company remains financially resilient even in the face of significant challenges and economic instability.