Metinvest Group has published a report on tax payments for the first half of 2026. Despite the extremely complex geopolitical and economic situation, Ukraine's largest metallurgical holding transferred UAH 8.5 billion to budgets at all levels. This figure is 8% lower than in the same period last year, reflecting the general trend of declining profitability amid the war and trade restrictions.
Tax payment structure and growth in environmental fees
An analysis of the payment structure shows that indirect taxes bear the main burden. From January to June, the group's Ukrainian enterprises transferred UAH 777 million in VAT, UAH 636 million in land payments, and UAH 490 million in corporate income tax. It is worth noting separately the contribution to the military levy, which amounted to UAH 437 million. Notably, despite the overall decline in the tax base, the environmental tax increased by 12% compared to the first half of 2025, reaching UAH 368 million. This indicates that even in crisis conditions, the company continues to invest in environmental modernization and comply with environmental standards.
Port blockade and logistical collapse
Metinvest CEO Yurii Ryzhenkov emphasized in his statement that industry continues to function despite the blockade of Black Sea ports and constant attacks on energy infrastructure. "Preserving industrial potential is a matter not only of economics but also of national security," he noted. However, logistical costs have reached critical levels. The complete blockage of the maritime corridor has forced companies to switch to rail transport, which, combined with increased electricity transmission tariffs and rising coal costs, has significantly impacted the cost of production.
Risks for the metallurgical sector: threat of plant shutdowns
The situation in the sector is assessed by experts as critical. According to industry associations, the cumulative impact of external factors creates a direct threat to the continued operation of enterprises. Among the key negative factors, in addition to logistics, industry representatives cite restrictions on the import of Ukrainian steel into the EU and the full-scale introduction of the CBAM carbon tax mechanism. As a result, forecasts suggest that up to half of Ukraine's metallurgical sector enterprises could be at risk of shutdown by the end of 2026. Metinvest remains one of the few capable of maintaining operations under such conditions, but its indicators also show a decline.
Contradictory data
There is a discrepancy in the interpretation of the dynamics of tax revenues. On the one hand, Metinvest management emphasizes that the company continues to pay billions in taxes during wartime, which is a contribution to defense. On the other hand, analysts point to the 8% decrease compared to 2025 as a worrying signal of shrinking production capacity and falling margins. Furthermore, while the company is settling debt obligations (specifically, $1 billion in bonds, as previously reported), the industry as a whole is on the verge of collapse, creating a gap between the financial capabilities of the market leader and the sector's average indicators.
Results since 2022: contribution to the budget
Despite current difficulties, Metinvest's contribution to Ukraine's economy remains significant. In 2025, the group transferred UAH 18.7 billion in taxes and levies to budgets. Overall, from the start of the war in 2022 to the first half of 2026, the holding has directed more than UAH 82.2 billion to the treasury. These funds are critical for financing state needs; however, experts warn that without lifting trade restrictions and restoring logistical corridors, maintaining such payment volumes in the future will become impossible.
