What happened
In its 2025 operational report Metinvest said it is in the final stage of selling the US-based United Coal Company. The asset was already deconsolidated from the financial statements starting from the first half of 2025. The report does not name the buyer.
"The Group is in the final stage of selling United Coal Company (US). In connection with this, the asset was deconsolidated starting from the financial statements for the first half of 2025"
— Metinvest, 2025 operational report
Why this matters
United Coal is one of the leading producers of coking coal in the US (headquartered in Tennessee). The company was acquired by Metinvest in 2009 for an amount estimated at $800m–$1bn. In mid-2025 the group announced its intention to sell the asset: United Coal's losses were one of the key reasons for the group's negative financial result in the first half of 2025.
Financial context: deadline and risks
The sale is taking place against the backdrop of a significant obligation — in April 2026 Metinvest must repay bonds totaling $428m. This is not just an accounting operation: reducing risks and disposing of a loss-making asset can improve creditworthiness metrics and provide more room for negotiations with creditors.
Production and adaptation
In 2025 Metinvest produced 2.02 million tonnes of steel (−4% vs. 2024) and 1.78 million tonnes of pig iron (−2%). The decreases were related to the repair of Blast Furnace No. 9 at Kametstal in the second quarter. At the same time, flat products grew by 20% to 1.11 million tonnes thanks to resumed output in Italy, while long products rose by 7% to 1.32 million tonnes due to increased volumes at Kametstal and stable operations at Promet Steel in Bulgaria. Production of iron ore concentrate remained at 15.70 million tonnes — the halt at the Inhulets mine was offset by Hannivske.
What analysts say
Market experts note that selling an overseas asset under pressure to maintain financial discipline is a typical tool for quickly stabilizing the balance sheet. It does not solve all problems, but it reduces the operational risks that dragged the group into losses.
Conclusion — what's next for Metinvest and Ukraine
The sale of United Coal is a pragmatic step to cover shortfalls and reduce financial stress ahead of a major repayment. For Ukrainian industry it is a signal: even during a crisis, large players restructure portfolios to preserve the viability of production capacities. Now the move is up to the market and creditors — will this sale be enough to materially improve liquidity and enable the group to invest in repairs and the development of assets in Ukraine?
