Metinvest to declare force majeure on some contracts after Zaporizhstal, Kamet Steel halted by shelling – COO
Mining and steel group Metinvest will declare force majeure on some contracts after its Zaporizhstal and Kamet Steel plants were forced to halt operations due to shelling by occupying forces, Metinvest Chief Operating Officer Oleksandr Myronenko told Forbes Ukraine.
Metinvest, a mining and steel group, is declaring force majeure on certain contracts following the shelling of its Zaporizhstal and Kamet Steel plants, forcing their shutdown in August and September. In an interview with Forbes Ukraine, Metinvest's Chief Operating Officer, Oleksandr Myronenko, stated that 2026 is one of the toughest years for the company due to EU steel quotas, the CBAM environmental levy, and Russia's blockade of Ukrainian ports.
Two of Metinvest's biggest plants, Zaporizhstal and Kamet Steel, are operating at 50% capacity, while the Southern GZK, a joint venture, is idle due to port closures. The Inhulets GZK has been shut since 2024 due to high electricity prices. Myronenko explained that the company has mothballed this asset and cannot resume production until market conditions improve.
The restoration of the steel plants is ongoing, with a potential cost running into the tens of millions. Myronenko emphasized the need to lift the port blockade, as it is preventing restored assets from operating at full capacity. Currently, the EU market is the only one Metinvest can export to, with the company shifting its coke plants to maximum coking periods and sourcing coal from various sources, but this has increased logistics costs by 50-60%.
Written by urgent.news from Interfax-Ukraine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
