This year, Metinvest Group plans to invest 1.4 billion UAH in the construction of gas power plants at the Central and Northern mining and processing plants (GZK), as well as a solar power plant at the Central GZK.
This was announced by Ihor Toniev, CEO of the United GZK in Kryvyi Rih, part of Metinvest Group, at the Exporters’ Summit 2025.
Thirty-nine representatives of leading exporting companies from various economic sectors shared strategies and tools that help them maintain and expand their export positions. They also discussed how their global market ambitions have changed and what challenges to expect in 2025.
The summit featured an exhibition area from Metinvest Polytechnic University, aimed at fostering synergy with Ukraine’s leading export-oriented businesses to develop specialized educational programs.
Ihor Toniev participated in the panel discussion “Investment Potential of Ukraine’s Mineral Resources: An External Perspective” alongside Andrii Brodskyi, CEO of Velta, and Volodymyr Boiko, founder of the Nadra.Info news agency.
According to the CEO of Metinvest’s United GZK, in 2024, Kryvyi Rih’s mining and processing plants operated at 50% of pre-war levels, producing 15 million tons of concentrate and 6 million tons of pellets.
In his view, no year—whether 2025 or beyond—can be easier without ending the war due to the restrictions and challenges caused by hostilities. Furthermore, China, the primary consumer of iron ore, is expected to reduce steel production, which will impact iron ore prices.
“When it comes to government support, we would like more transparency and dialogue. We have already experienced increased tariffs on electricity transmission and gas transportation. Now, there are plans to raise railway transportation tariffs. Last summer, this forced the shutdown of the Inhulets GZK. When such large enterprises stop, everyone loses—not just businesses and workers but also the state,” said Ihor Toniev.
According to him, the 2024 restructuring, which integrated the Northern, Central, and Inhulets GZKs into a single technological chain, has significantly improved the plants' efficiency.
“This was an effective reform, mainly because we could make quicker decisions under constraints and substitute some capacities with others. What was once considered impossible—such as processing ore from one GZK at another—has now become standard practice. We have accelerated the rotation of personnel and equipment, optimized management, and despite falling prices, we have increased production while reducing costs. Although we have not yet fully realized the synergy potential, we are moving in the right direction,” said Toniev.
He stated that most of this year’s planned 5.7 billion UAH in investments would go toward maintaining production and capital repairs. Meanwhile, 1.4 billion UAH is earmarked for energy independence—the construction of gas power plants at the Central and Northern GZKs, as well as a solar power plant at the Central GZK. The project is in the final stage of securing financing from Ukrainian banks.
Additionally, this year will see the launch of a major strategic project for thickening beneficiation waste at the Northern GZK, scheduled for completion in 2026. The project, estimated at around 9 billion UAH, will see 1.5 billion UAH invested in 2025, funded by European credit agencies.
“This project is crucial for us, as it is a condition for the continued operation of the Northern GZK beyond 2027,” Toniev added.
According to the CEO of the United GZK, Metinvest’s planned green steel plant in Italy will become a significant consumer of GZK products in Europe. To supply this plant with raw materials, the company needs to modernize its production facilities by building a flotation beneficiation complex and upgrading the roasting machine. These modernization efforts will require a minimum investment of $600 million.
He emphasized that Metinvest’s strategy is focused on modernizing metallurgical production, including the construction of a plant in Italy and upgrading facilities in Ukraine.
“The development of our GZKs should align with producing materials that meet the needs of these plants, creating a green supply chain. New quarries and deposits are not part of our plans. Our strategy is centered on modernizing GZK production capacities and improving product quality,” Toniev concluded.
