Metinvest Group of Companies, owned by Rinat Akhmetov, has topped the ranking of the largest private businesses in Ukraine according to Forbes Ukraine. In 2023, Metinvest showed impressive financial results with revenues of UAH 270.5 billion, which allowed the company to take first place among other businesses with annual revenues exceeding UAH 4.7 billion. The top five also includes DTEK (another business of Akhmetov), ATB, Fozzy Group and Kernel.
Forbes assessed the financial performance of companies for 2023 and the first half of 2024. For this purpose, information from the YouControl system was used, as well as company data and analytical calculations of the publication.
Metinvest was able to recover from the loss of major assets such as Azovstal, Ilyich Iron and Steel Works of Mariupol and Avdiivka Coke. In the first half of 2024, the company’s EBITDA increased by 33% to $650 million. The increase was due to an almost twofold increase in iron ore production (up to 8.9 million tonnes). Yuriy Ryzhenkov, Metinvest’s CEO, noted that the opening of Odesa ports contributed to this.
In addition, Yuriy Ryzhenkov was included in the list of the best executives in the steel industry, and seven of the company’s top managers were ranked among the country’s best executives. Among those recognised by Forbes Ukraine are the CEOs of the Group’s enterprises: Andrey Akulich (Metinvest Pokrovskugol), Igor Tonev (Ingulets, Northern and Central GOKs), Alexander Tretyakov (Kametstal) and Taras Shevchenko, who is temporarily acting CEO of Zaporizhstal.
