Metinvest Eyes Market Return Amidst Ukraine Conflict

Metinvest is investigating a potential return to the capital markets after recently using its own cash to redeem a bond. The Ukrainian steel and mining conglomerate is reportedly gauging investor appetite and assessing achievable pricing for new debt through discussions with Morgan Stanley. This move follows a period of significant impact from Russia's invasion of Ukraine, which affected its operations, including the Azovstal steel plant in Mariupol.

Earlier in 2026, Metinvest navigated debt challenges, including a debt restructuring attempt that was later abandoned in favor of refinancing a maturing bond. Despite market volatility and increased costs due to the conflict, the company managed to fund its April redemption using internal cash flow. Representatives had previously met with investors in London, considering a five-year bond issuance.

Recently, S&P Global Ratings elevated Metinvest's rating by two notches to CCC+. The agency indicated that the company is not facing immediate liquidity pressures following its April bond repayment. However, S&P maintains a negative outlook, stressing the importance for Metinvest to establish a sufficient cash buffer in the upcoming quarters.