Backdrop & Context: A Nation in Flux, A Business Under Siege
The Russian invasion of Ukraine in 2022 upended nearly every aspect of life in the country, plunging it into a prolonged and painful conflict. For businesses, especially those in heavy industries like steel & mining, the war brought devastation, both human and infrastructural. Yet in the eye of this storm, Metinvest Group, Ukraine’s largest private employer and industrial conglomerate, became a beacon of economic resilience. Under the stewardship of CEO Yuriy Ryzhenkov, the Group not only weathered catastrophic disruptions but recalibrated its entire operating model to align with wartime exigencies, humanitarian needs & future recovery ambitions.
Who’s Involved? Visionaries in Wartime Industry
The rating of Ukraine’s top CEOs was published by “TOP-100. Ratings of the Largest”, where Andriy Zdesenko, founder of Biosphere Corporation, claimed the top spot. Ryzhenkov placed second, followed closely by Maksym Timchenko of DTEK. These leaders were evaluated on parameters such as anti-crisis management, innovation, leadership under duress, and transformative capabilities. Yuriy Ryzhenkov also received a special honour under the “Leader of an Unbreakable Business” category, a title highlighting his valorous contributions to industrial continuity amidst national turmoil.
Steel Solutions in the Midst of Shelling
When the full-scale war erupted, Metinvest faced immediate and immense challenges: its key plants in Mariupol and Avdiivka ceased operations, and the blockade of Ukraine’s ports shattered supply chains. Within weeks, the company pivoted to a crisis protocol. The sales, logistics & procurement units were merged into a singular commercial directorate for faster, wartime decision-making. The company swiftly replaced Azovstal’s lost output by relying on domestic supply chains and adjusted factories to manufacture military-use items like steel bunkers, defensive barriers & fortified infrastructure components.
Ryzhenkov emphasized, “We had to rethink everything, sourcing, logistics, labour, and build an agile model within a war zone.”
Adaptation, Export & Economic Repositioning
With Black Sea routes compromised, Metinvest rerouted exports through Romania & Poland, using railway hubs and Danube ports. By late 2023, the reopening of the Black Sea corridor from Odesa allowed partial maritime restoration. In 2024, the Group’s iron ore and steel exports surged, exceeding 12 million metric tons. Ryzhenkov noted that operational efficiency had returned to pre-war levels: “We cut production costs, optimized raw material usage, and reached the best technical and production benchmarks since 2020.”
This year, Metinvest’s iron ore output jumped by 42%, pig iron by 3%, and steel by 4%, a remarkable feat given the state of conflict.
Humanitarian Frontline: From Steel to Saving Lives
Beyond economics, Metinvest has become a humanitarian titan. Over UAH8.4 billion ($210 million) has been contributed towards national support, including UAH4.4 billion ($110 million) under the Steel Front initiative for military supplies, tactical medical equipment, drones, armored vehicles & construction of protective lines.
The “Saving Lives” initiative, backed by Rinat Akhmetov Foundation, delivered aid to over 516,000 civilians. With a workforce of 50,000+ employees, the company ensured salaries, trauma counselling, evacuation logistics & support for veterans returning to civil life. More than 1,000 veterans now work in the Group’s plants and offices across Ukraine.
Ryzhenkov remarked, “We are building a people-centric business. The health of our communities is our true legacy.”
Strategic Blueprint: Investing into a Green Future
Ryzhenkov is not just fighting for survival but planting seeds for post-war prosperity. A bold $8 billion strategy is underway to transform Metinvest into a global leader in green steel production. The cornerstone is the construction of a hydrogen-ready, eco-efficient steel plant in Italy. This prototype will later guide massive upgrades of Ukrainian sites like Zaporizhstal and Kamet Steel.
“We are ready to launch once security guarantees are secured,” said Ryzhenkov. In 2024 alone, despite bombings and instability, Metinvest invested $670 million in its Ukrainian facilities. In 2025, billions more are planned to upgrade Kryvyi Rih, Kamianske & Zaporizhzhia plants with energy-efficient, digitalised infrastructure.
Ukraine’s Industrial Vanguard & Recovery Agent
As one of the top taxpayers in Ukraine, Metinvest paid UAH20 billion ($500 million) to the state treasury in 2024, providing essential funds for public services and reconstruction. The company also intends to spearhead Ukraine’s post-war recovery through infrastructure & housing projects, powered by its engineering & steel divisions.
Yuriy Ryzhenkov's leadership has evolved Metinvest into more than a corporation, it is now a keystone in Ukraine’s survival architecture, its rebirth, and its economic sovereignty.
Key Takeaways:
• Yuriy Ryzhenkov, CEO of Metinvest, ranked 2nd among Ukraine’s top 50 CEOs, lauded for resilience & innovation.
• Metinvest’s wartime operations pivoted with shutdowns in Mariupol & Avdiivka, rerouting exports via Romania, Poland & Odesa.
• Over 12 million metric tons of iron ore and steel were exported in 2024, with significant output increases.
• $210 million+ was contributed to military & humanitarian support, aiding over 516,000 civilians and 1,000+ veterans.
• A $8 billion “green steel” strategy is underway, with investments in Ukraine & a new plant in Italy as a prototype.
• Metinvest paid $500 million in taxes in 2024, continuing to support Ukraine’s national budget & war economy.
