Metinvest, the mining and metals group within Rinat Akhmetov’s SCM, is in the final stage of selling its U.S. asset, United Coal Company (UCC). The company disclosed this in its 2025 operational report.
The report notes that the asset was deconsolidated from financial statements as of the first half of 2025, confirming a high level of transaction readiness. The buyer’s identity has not yet been disclosed.
United Coal Company is one of the leading producers of coking coal in the United States, headquartered in Tennessee. The company operates primarily in the Appalachian region (West Virginia, Virginia, Kentucky), mining metallurgical coal for both domestic and export markets.
- Founded in 1970 by the McGlothlin family
- Acquired 100% by Metinvest in 2009
- The deal value was estimated by Western media at $800 million–$1 billion
- The asset provided access to high-quality hard coking coal for European and U.S. customers
Following the acquisition, UCC became a key international coal asset for the group and an important component of its vertical integration strategy.
In January–June 2025, losses at United Coal were among the key contributors to the group’s negative financial result. Against the backdrop of coking coal price volatility, rising operating costs in the United States, and high financing costs, the asset lost strategic attractiveness for the group.
An additional factor is the need to repay $428 million in bonds in April 2026, increasing the group’s need for liquidity and debt optimization.
According to international industry reviews in 2025, the U.S. metallurgical coal sector:
experienced price correction following the 2022–2023 peak,
faced logistical constraints,
competed with Australian and Canadian suppliers.
Against this backdrop, some international investors have been reassessing their U.S. exposure, focusing instead on core markets.
Metinvest’s Operational Performance in 2025
Despite the UCC sale, the group’s steel segment demonstrates relative stability:
- Steel production — 2.02 million tonnes (-4% y/y)
- Pig iron — 1.78 million tonnes (-2%)
- Flat products — 1.11 million tonnes (+20%)
- Long products — 1.32 million tonnes (+7%)
- Iron ore concentrate — 15.7 million tonnes (in line with 2024)
- Coke — 1.1 million tonnes (-2%)
The decline in steel production is attributed to repairs at Blast Furnace No. 9 at Kametstal, while growth in rolled products was supported by assets in Italy and Bulgaria (Promet Steel).
The sale of UCC implies:
- Metinvest’s exit from the U.S. mining segment.
- A strategic focus on European and Ukrainian production sites.
- Potential release of hundreds of millions of dollars to service debt.
- A shift toward less capital-intensive and more margin-accretive business lines.
If the transaction is completed by the end of the first quarter of 2026, it would allow the group to approach bond repayment with a significantly improved liquidity position.
The market is awaiting the official announcement of the buyer. Potential bidders cited by industry experts include U.S. private mining operators, private equity funds, and strategic steel producers interested in vertical integration.
The final terms and valuation of the transaction have not yet been disclosed.
