"Metinvest" will declare force majeure on part of contracts after plants shutdown
Due to the forced shutdown of "Zaporizhstal" and "Kametstal" after Russian missile strikes, Metinvest Group will declare force majeure on certain contracts. The company has to negotiate with counterparties about rescheduling or canceling some deliveries.
This was reported by Metinvest's Chief Operating Officer Oleksandr Myronenko in a comment to Forbes Ukraine.
According to him, the problems concern, in particular, multimillion-dollar contracts, the fulfillment of which on schedule became impossible after the shutdown of production facilities.
The company calls 2026 one of the most difficult years since the start of the full-scale war. The group's operations are simultaneously pressured by Russian strikes on industrial enterprises, export restrictions through Ukrainian ports, EU trade quotas on metal products, and the introduction of the Carbon Border Adjustment Mechanism (CBAM).
"Zaporizhstal" attacked three times in a month
The situation at "Zaporizhstal" became especially serious. After the Russian ballistic missile strike on August 11, the plant completely stopped production. Energy facilities and infrastructure, as well as main and auxiliary blast furnace production facilities, were damaged. The attack killed seven employees, and 21 more were injured.
On August 27, Russian troops attacked the already stopped plant again. Five ballistic missiles hit blast furnace shop equipment, energy and transport infrastructure, and open areas of the enterprise.
The third attack occurred on the night of September 12. Four ballistic missiles hit the production site of "Zaporizhstal". At that time, the plant had still not resumed production after the previous strikes. Four employees were injured.
Another major asset of the group, "Kametstal" in Kamianske, stopped all production processes after a ballistic missile attack on the night of September 5. The Russian strike damaged sinter-blast furnace production, energy and transport infrastructure. Five people were killed, and four more workers were injured.
Financial results deteriorated even before the latest attacks
Deteriorating financial indicators add additional pressure on the company. In the first half of 2026, Metinvest posted a net loss of $202 million compared to a $58 million loss for the same period last year.
At the same time, the group's revenue increased by 3% to $3.657 billion, and adjusted EBITDA decreased by 8% to $311 million.
However, these results did not yet include the further deterioration: export blockades through Black Sea ports, the shutdown of the Southern GOK, and the August and September strikes on "Zaporizhstal" and "Kametstal". That is, the main impact of the latest production stoppages on the group's financial indicators will be in the second half of the year.
Earlier, the shutdown of major Ukrainian plants had already led to a sharp decline in steel production in the country. In August, steel output decreased by almost a third compared to July.
Based on materials from: GMK Center, Metinvest, Metinvest
