According to the publication's calculations, Metinvest became the largest taxpayer in the mining and metals sector of Ukraine in 2024. Last year, the company paid UAH 19.8 billion in taxes and fees, accounting for 61% of the total deductions of metallurgical enterprises. Read more about the tax situation in the mining and metals sector and the factors that could curb revenues to the Ukrainian budget and worsen the industry's condition in the article by GMK Centre.
Amid the ongoing war, which has been going on for three years now, securing revenues for the state and local budgets has become critical to finance defence, social support and the country's recovery. In this context, the steel industry plays an important role in filling the budget, despite all the challenges of wartime.
The government, for its part, should strike a balance between the need to replenish the budget and create conditions for the sustainable development of the steel industry. It is important to ensure the stability of tax legislation, predictability of tariff regulation and support for companies facing difficulties due to the war.
Tax figures
Despite the hostilities and destruction, steelmaking enterprises continue to operate and pay taxes to the state and local budgets, contributing to the country's support. Tax payments by the steel industry include income tax, unified social tax, personal income tax, land and subsoil use fees, and other taxes and fees.
Last year, the four largest steel companies' payments to all levels of government increased by 36% to UAH 32.4 billion.
In 2024, all major steel producers increased their payments of taxes and fees to budgets of all levels:
◼️ Metinvest – by 36% to UAH 19.8 billion;
◼️ ArcelorMittal Kryvyi Rih – by 60%, to UAH 6.6 billion;
◼️ Interpipe – by 27% to UAH 5.5 billion.
In total, over the past 5 years, the largest steel companies have paid taxes and feed worth UAH 190 billion, or $6.2 billion. In 2024, taxes and feed paid by four steel companies accounted for 1.6% of revenues to budgets of all levels.
In the current conditions, any financial revenues to the state budget are a direct contribution to the country's defence capability, as all taxes and fees collected domestically are spent on defence purposes, and social expenditures are financed by international financial aid. Moreover, some companies in the industry actively finance aid to the Armed Forces of Ukraine and local communities in the regions where they operate.
